Lorenzo and Frank Fertitta are officially out of the mixed martial arts business.
The Fertitta brothers, who last year sold off a majority stake in the UFC for more than $4 billion to a conglomerate led by powerhouse agency WME-IMG, have now gotten rid of the last remaining stake they owned in the company.
According to a report from Forbes, the Fertitta brothers sold the remaining 5.8-percent of the company to WME-IMG with the total valuation for the UFC now reaching around $5 billion.
It was just last month that WME-IMG received $1.1 billion in new financing with part of that money earmarked to buy out some of the minority owners leftover from the UFC sale that took place last year.
Now it’s clear that at least part of that funding was used to buy out the Fertitta brothers from their remaining stake in the UFC. There have also been rumors that WME-IMG intended to buy out another minority stake holder in Flash Entertainment, the Abu Dhabi based group who purchased 10 percent of the promotion in 2010.
Neither Lorenzo or Frank Fertitta have had any kind of day-to-day role with the company since the sale was completed last year.
Lorenzo Fertitta had reportedly helped out with some part of the negotiations when making the lucrative fight between Conor McGregor and Floyd Mayweather, as he has maintained a strong relationship with many of the athletes on the roster.
The Fertitta brothers famously bought the UFC for $2 million in 2001 before turning the promotion into the billion dollar company that sold last year.
Since selling the UFC, the Fertitta brothers have focused on their casino business as well as a recently launched investment firm called Fertitta Capital.