Teaching Note | HBS Case Collection | September 2012 (Revised March 2013)

Ultimate Fighting Championship: License to Operate (A) & (B) (TN)

by George Serafeim


The case describes the challenges that Ultimate Fighting Championship faced as a result of regulatory opposition and loss of the license to operate. The genesis of the business idea, the subsequent growth, and the fall of the UFC are described. The case concludes with Lorenzo Fertitta deciding whether to invest in the company.

Keywords: Governance Compliance; Ethics; Judgments; Investment; Sports Industry; Entertainment and Recreation Industry; United States;


Serafeim, George. "Ultimate Fighting Championship: License to Operate (A) & (B) (TN)." Harvard Business School Teaching Note 113-034, September 2012. (Revised March 2013.)