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TKO President Comments On Judge Refusing To Approve UFC Antitrust Settlement

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TKO President Comments On Judge Refusing To Approve UFC Antitrust Settlement

Last March, TKO Group Holdings, the parent company of UFC, agreed to pay $335 million to settle the Le v. Zuffa and Johnson v. Zuffa antitrust lawsuits. However, Judge Richard Boulware refused to approve the settlement. Judge Boulware set the new trial date for both suits last month. The trial will take place on February 3rd, 2025.

During the Goldman Sachs conference, TKO Presdient & Chief Operating Officer Mark Shapiro talked about the judge refusing to approve the settlement.

“Look, I try not to get too high on highs and too low on the lows and be emotional about the business. But I think anyone that is a student of our business has closely followed the story, knows that what’s going on is just ridiculous. I mean, we ultimately cut a deal to settle these cases; you know, both suits. Where the plaintiffs, the fighters, if you will. I mean near unanimity that this is good for them. And by the way, we spent a lot more than anybody thought we were going to spend. Our board wanted us to spend, or we even thought was frankly appropriate, when it came to the two cases before us. But nonetheless, to take it off the table, we reached a deal, and we’re on our way. And then the judge doesn’t even grant preliminary approval.

Now, keep in mind, Stephen, if you grant preliminary approval, then that gives a window for anybody to come forward. Fighters who don’t agree or there isn’t unanimity. Well, he shut this down before they even had a chance to be heard. A somewhat unprecedented, I have to say, in a sense, it’s a hell of a payout. And the Johnson case, which is the second case, it’s just taken to the testimony of… you know, in court with the judge were very clear to say, we don’t think on our own we have a case we can’t find a lawyer to take. Our case is very difficult here. This is why we want this deal. So you had both plaintiffs totally aligned with UFC and our lawyers that this settlement was fair, and we’re going to move on, and we’re looking for your approval. He saw it another way. He asked us to get back together and talk about another way to skin the cat.

And we are having those conversations because that’s the direction. But I would tell you this: this is a difficult one because we’re not going to just be writing a bigger check. So we feel very strongly in the merits of both cases. We are going to pursue this and chase this, and defend ourselves. And you know, very intense way; let’s put it that way. And if there is an adverse outcome, we will go all the way. I want to make that clear. We will appeal just like the NFL said they were going to do with their Sunday ticket Direct TV situation. This is kind of absurd. What is happened? Nobody is on board of it. The plaintiffs want the money, and the sport and the competition will be better for it. All this is doing in lining the pockets of more lawyers.”