It's arguably the greatest non-tech trade of the 21st century. When Las Vegas casino bosses Lorenzo and Frank Fertitta III spent $US2 million ($2.6 million) buying a tiny mixed martial arts business called the Ultimate Fighting Championship in 2001, they could barely have imagined selling it for $US3.77 billion 15 years later in what was the most expensive sporting sale in history. After adviser fees, the transaction totalled $US4 billion. In the process, the Fertittas created the fastest growing sporting organisation on earth.
The investment provided a 1888 times return on a deal the brothers' Italian-American father, Frank junior, "vehemently opposed" because he thought MMA was akin to "human cock-fighting". Ironically, Frank Jr thought it might tarnish the family's prized reputation, earned through its Station Casinos empire, which is worth $US2.8 billion.
