Endeavor, who is the UFC’s parent company, has been hit hard by the coronavirus, as the company has reportedly just laid off or furloughed one-third of their staff due to the pandemic.
The company, which also had their credit rating downgraded during the coronavirus pandemic, is now looking to raise approximately $250 million in funds according to The New York Post (via Bloody Elbow). The report from The New York Post states that Endeavor has turned to a private equity firm known as Silver Lake, who already owns 42% of Endeavor, to help raise the funds.
Silver Lake is reportedly seeking out investors willing to give Endeavor some cash to continue to operate during the pandemic. Silver Lake isn’t expected to increase their stake in Endeavor, but will “support the company financially if it has any liquidity issues.”
It has also been reported that Endeavor is going to be relying on a $150 million dividend from the UFC to keep their business afloat during the virus. While the UFC is still running during the virus, just about all of the rest of Endeavor’s money making resources have been shut down during this time. However, even though the UFC is back on May 9 with UFC 249, it will do so without fans or the normal hoopla that surrounds the majority of the UFC’s events.
- From The Web