Finding fool's gold: Where's the oil money for MMA?

Recent negotiations and deals made by PFL, ONE, and RIZIN reveal some hard truths.

Art by Chris Rini

Forgive us for being intrigued by a bunch of MMA promoters chasing oil money like a slobbering bunch of Beverly Hillbillies.

2023 has given us two major storylines involving the Haves (WWE & UFC merging into TKO) and the Have Nots (everyone else chasing the oil money). If you’re fighting for dollars in an industry dominated by a monstrous $14 billion dollar operation, you could be excused in your search for fast money.

Three recent November 2023 stories involving PFL, ONE, and RIZIN adventures in the Middle East reveal some hard truths regarding the size and scope of Oil Money investment in the Mixed Martial Arts space.

The sheer lust for oil money

As the UFC prepares to go to trial to fight off antitrust claims in a Las Vegas Federal courtroom, everyone else in combat sports is scrambling to grab as much investor cash as possible. Why? The barriers of entry to get into the business and finance operations are rapidly escalating.

TKO’s control of market share is astounding. Tony Khan’s spending on AEW creates market distortion through the sheer breathtaking volume of money he’s spending — hundreds of millions of dollars.

Stagflation is a real pain in the ass. Higher-for-longer interest rates makes debt financing more of a challenge. Another wildcard? If there’s a global recession, that’s bad news for oil prices due to demand destruction. It may help with inflationary pressure but it certainly won’t help if you’re a promoter trying to grab as much oil money as possible for your fight investments. This is why the speed and scope of mergers and acquisitions in the combat sports arena has been so hard to interpret and comprehend. You’re not dumb for having difficulty processing what’s going on. We are witnessing games of high finance on a level that looks a little like the 2007 housing bubble.

RIZIN to the occasion in Azerbaijan