The UFC's 'American Dream' is value extraction and vulture capitalism

How UFC ownership paid themselves billions from banks & investors.

It’s political season, which means American voters are being bombarded with sloganeering about what “The American Dream” is supposed to be.

“The American Dream” used to be an amorphous vision of having a good job or business, a house, perhaps some kids, an attractive partner (or two or more), and enough money to buy some fancy toys. Preferably, a car, an ATV, and maybe a Dusty Rhodes-style fur coat. And if you were lucky enough to play your cards right, avoiding bankruptcy from medical debt.

To politicians, “The American Dream” is a cynical trope. To the rich and powerful, it’s a punchline.

I am choosing to focus on the marketing concept of “The American Dream” because it feels very appropriate to do so in the context of a looming UFC antitrust trial in Las Vegas.

The UFC, first under the Fertitta Family empire (Zuffa) and now under Ari Emanuel (TKO/Endeavor), has portrayed a vision of creating a sports & entertainment property that is somehow “The American Dream” of combat sports. A place where millionaires can be made overnight. A place where you can make a living and be the BMF champion. A place where you can become famous overnight and get whatever you want outside the cage if you play your cards right.

It’s a ridiculous fairy tale for Zuffa to sell to the public but no less ridiculous than what politicians sell to American voters every four years.

With Judge Boulware announcing a trial date of February of 2025 for the UFC antitrust case, I started thinking about how a trial will play out in Las Vegas. The strategy and machinations of both sides in the trial are going to be endlessly fascinating.

The plaintiffs, representing a class of over 1,200 fighters, are arguing exploitation. A wage share debate in the context of a monopsony.

The UFC destroyed the competition, made billions in the process, and never substantially changed the percentage of revenue they paid out proportionately to the fighters.

There will be various attack points, especially using Team UFC’s own words — in writing, photographs, and e-mails — as evidence of an anti-competitive scheme to take over combat sports.

Team UFC is going to argue that the Plaintiff’s economist, Hal Singer, is a fraud.

The story Zuffa is going to sell in court to a selected jury is one of Americana, of rugged individual-ness, vibrant capitalism, and corporate intelligence. No one else could do what we could.

And if you know the history of Mixed Martial Arts, UFC’s version of “The American Dream” sounds as fraudulent as the “The American Dream” politicians sell every election cycle.

I can argue until I’m blue in the face about how the destruction of PRIDE gave UFC the chance to monopolize MMA. It’s an absolute crime that the ghost of PRIDE will not be a part of this antitrust trial, outside of an e-mail or two from discovery.

UFC would argue that the quality of their product was getting better on a yearly basis and that they would have overtaken the Godzilla of MMA at a later date.

I can argue until I’m blue in the face about fighters getting CTE and not having a safety net because of inadequate legal or managerial representation.

It won’t matter, because there’s always someone on the other side of the trade who will argue that it’s what they wanted to do with their life. Nobody made fighters go into a cage. Their body, their choice.

Which means the one avenue left for the plaintiffs to pursue against Team UFC to get unanimous agreement from jurors is by attacking their “American Dream” mythology.

How can the Plaintiffs accomplish this goal?