Dana White Is Exhibit A in the $TKO Bear Case
There's a massive key man problem at the UFC
So the secret I’ve been sharing with MMA Draw Substack readers for three years has finally been revealed to the broader public.
Dana White is just a frontman for TKO, and it appears he no longer even cares about doing that job well.
Which is a serious bummer for TKO stockholders because Dana, aka Ari Emanuel’s rodeo clown, signed a new five-year contract in December.
To casual observers of the company, re-signing Dana made perfect sense because he’s seen as the UFC’s “keyman,” that is, he’s perceived to be “highly important or essential to the functioning of an organization.”
Unfortunately, as we’ve been telling our readers for years, Dana doesn’t do much these days, and now he’s not even performing his last truly essential function — hyping UFC fights — effectively.
Dana White Called Out for Half-Assing Media Tour
Dana frankly shit the bed in his most recent run of media interviews, including those with Stephen A. Smith, Complex, CBS Mornings, and the Spinnin Backfist MMA Show (featuring Robbie Fox of Barstool Sports).
How bad was it?
So bad that even Ariel Helwani noticed and felt compelled to say something.
Ariel Helwani: I just couldn’t believe how disconnected and how disinterested he seemed in the product. He seemed so disinterested in the product that I couldn’t believe (it.)
Chuck Mindenhall at Yahoo! piled on with a piece headlined “We need to get Dana White a little more interested in his own product again.”
This AFeldmanMMA tweet illustrates the difference a decade-and-a-half makes:
MMA on Point has a great timeline of the incredible shrinking UFC fight promo:
2016 - The UFC used to do promos for fight announcements
2019 - Dana used to go on major media outlets to announce fights
2022- Dana starts to announce fights on YouTube. In a studio, proper production
2025 - Dana starts doing fight announcements on Instagram live
2026 - Dana does fight announcements on Instagram, doesn't even charge his phone for them
I’m sure both Ariel and Chuck have noticed Dana’s long, slow decline in enthusiasm and effectiveness before, but suddenly it’s both too obvious to ignore, AND it’s now safe to call Dana out.
It’s safe because Dana seems to have lost the loyalty of UFC fans.
Five years ago, anyone who criticized Dana was inviting a swarm of angry pro-Dana trolls into their social media feeds.
In 2026, critics of Dana are just jumping in front of the parade of Dana-hating fans.
Part of it is the inevitable backlash a bully like Dana White engenders when he’s no longer on the upswing, part of it is the increasing weakness of UFC cards.
Other than what passes for the MSM of MMA pointing it out, diminished Dana isn’t a new development.
Last year, Zach Arnold highlighted Dana basically no-showing UFC 316:
Dana White was a no-show for UFC 316 fight week pre-show activities. No fighter interviews, no hype face-to-face sessions, no weigh-ins.
Dana just parachuted into New Jersey on Fight Day to make his walk-in with US President Donald J. Trump, Trump’s event handler Hunter Campbell, and consigliere Ike Epstein.
And even at the UFC 316 fight, Dana White was largely spending time on his phone or moving in and out of the cageside.
And that’s why I’m starting my TKO Bear Thesis series with Dana White.
The prequel is here, and don’t miss Scott Barrett’s TKO Long Bull Thesis that I’m responding to.
Let’s get into it.
Disclaimer: This publication is for informational and educational purposes only and does not constitute investment advice. I am not a registered investment advisor. All opinions expressed are my own and may be incorrect. Readers should conduct their own research and consult a qualified financial professional before making any investment decisions.
Is Dana White Still an Elite Fight Promoter?
Scott Barrett’s Bull Thesis said:
Dana White — Signed a new 5-year deal (through 2031). He seems less engaged than he used to be, but he’s still the best promoter combat sports has ever seen, and is a moat in his own right.
Note that Scott wrote the above before Dana’s most recent media tour.
If Scott had written “(Dana’s) still the best promoter combat sport has seen in the Twenty-First Century*” I’d agree with every word, but strongly disagree with the conclusion.
Now that he’s no longer even a good hype man, Dana White brings very little to the table for TKO.
Not enough to justify his massive payout and the risks his personal conduct presents to any corporation doing business with him.
But let’s look at the specific tasks a great fight promoter should be doing and then compare that with Dana White’s current portfolio.
A fight promoter:
Handles the business details of a fight event, including deals with media partners, facilities, local jurisdictions, and fighters; and
Manages the production of the event and the broadcast of the event;
Promotes the fighters, the fight card, and the sport itself.
Now, let’s look at which of these tasks Dana White actually does.
What Does Dana White Even Do?
Does Dana handle the business details of a fight event, including deals with media partners, facilities, and fighters?
