This is a disgusting display of wealth and a shameful use of $500 million dollars.
Former owners of Ultimate Fighting Championship (UFC), Frank and Lorenzo Fertitta, are now filthy rich after selling the world’s largest mixed martial arts (MMA) promotion to WME | IMG for a cool $4 billion.
So what will they do with their money? Use it to make more money, of course!
"There is tremendous opportunity in the market for a firm that combines patient capital with this unique team of experienced investors and operators," Lorenzo Fertitta, chairman of Fertitta Capital, said in today’s release. "Our long-term view enables us to avoid mandated investment timelines and instead focus exclusively on what really matters—understanding the needs of the companies we partner with and helping them achieve their operational and financial objectives."
I like to avoid mandated investment timelines too, especially the ones that require me to invest in the minimum monthly payments on my already-overdue credit cards (stupid 900 numbers).
Fertitta Capital “has a permanent capital base, and invests throughout a business' lifecycle and across the capital structure in consumer-facing companies in the technology, media and entertainment sectors,” according to the official website.
Please, don’t complain.
I must admit, I really admire Lorenzo’s tireless work ethic, having already committed to this stressful, low-paying career and yet still taking a second job in the investment world to help pay the bills.