CEO says Endeavor considered $1 billion investment in LIV Golf that would’ve replaced Saudi Arabia

Ari Emanuel shared some interesting opinions on Saudi Arabia while discussing LIV Golf.

Ari Emanuel, the chief executive officer of Endeavor – the parent company of UFC as well as talent agencies IMG and WME – recently joined Freakonomics Radio and discussed how the company considered a $1 billion investment in LIV Golf.

According to Emanuel, Phil Mickelson and Bryson DeChambeau made an approach to talk about funding, and Endeavor held internal discussions for a proposed $1 billion investment in LIV Golf, which is now financed by Saudi Arabia’s Public Investment Fund.

Thanks to Endeavor’s ties throughout professional golf, as well as Emanuel’s relationship with PGA Tour commissioner Jay Monahan, the plans for the investment fell through.

“We’re all connected in golf,” Emanuel said. “And (the PGA Tour) said, ‘Please don’t do it.’ So we stopped. I’m friends with Jay. We have a lot of business with Jay. I don’t want to hurt Jay.”

“I said to Jay, ‘We’re pulling out. But you have got to figure out an economic solution here because … it’s going to force you,’” Emanuel continued. “And he did. To his credit, I think Jay did an incredible job.”

LIV Golf is currently wrapped up in an antitrust lawsuit against the PGA Tour, and the U.S. Department of Justice is also investigating the Tour for anticompetitive actions with regard to LIV.

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LIV Golf has long been criticized as a way for Saudi Arabia to sportswash its human rights record. The Kingdom has been accused of wide-ranging human rights abuses, including politically motivated killings, torture, forced disappearances and inhumane treatment of prisoners. Not to mention members of the royal family and Saudi government were accused of involvement in the murder of Jamal Khashoggi, a Saudi journalist and Washington Post columnist, at the Saudi consulate in Istanbul in 2018.

Emanuel said he doesn’t have a moral stance on LIV being funded by the PIF and he isn’t concerned about sportswashing.

“I haven’t really thought about it. I have enough on my plate,” he said. “They’re doing what they’re doing.”

Emanuel said he once met with Saudi Arabia’s Crown Prince Mohammed bin Salman to discuss a deal and called him “as charming as could be.”

“He’s incredible,” Emanuel gushed. “He had this whole vision, bringing entertainment and movies back. And he wanted to spend $30 billion in entertainment. Well, I can do math, $30 billion, I mean, it’s money. And I thought his vision was incredible.”

Just seconds later Emanuel was quick to cover his comments by adding the following: “But let’s be very clear about something. I’m not defending what they did. You know, I’ve had a brother that’s been in two White Houses. Every country does bad things. They just don’t do it in an embassy.”

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WWE and UFC now have the same owner. Now’s the time for a combat sports union

Putting the WWE and UFC under the same umbrella is an opportunity for underpaid wrestlers and fighters.

WWE has a new owner. While the McMahon family will still retain major roles in the empire Vince built, the whole show will now be run by Endeavor.

If that name sounds familiar, it’s because Endeavor was the top bidder for majority control of the UFC in 2016. Five years later, it bought out minority stakeholders for full control at a combined cost of $5.6 billion. Now it’s adding the scripted side of combat sports at a reported price of more than $9 billion.

That’s a massive amount of cash. History suggests comparatively little will trickle down to the wrestlers themselves.

The UFC has one of the worst revenue sharing setups among major sports. While the NBA, NFL and MLB all run on deals that split accrued cash between players and ownership at roughly a 50-50 rate, the UFC’s independent contractors only take home 20 percent of the company’s revenue each year. When company president Dana White — a man Endeavor kept at the helm after acquiring the company — was asked about whether raises were forthcoming, he was quick to stomp out any notion of better wages for the guys who create the product he promotes.

“It’s never gonna happen while I’m here,” he told GQ Magazine in 2022. “Believe me, these guys get paid what they’re supposed to get paid. They eat what they kill.”

This is a problem for WWE wrestlers, who fall under the same nebulous “independent contractors” designation as UFC fighters. Per Paul “Triple H” Levesque, the former headliner turned Chief Content Officer, main roster “superstars,” as they’re called, make at least $250,000 annually. That’s a lot of money, but these wrestlers also have to pay their way across the country as part of a barnstorming show; WWE reportedly doesn’t pay for lodging or transportation for the majority of its roster. In-ring injuries are covered, but personal health insurance is not.

That leaves a lot of holes from a company that brought in $1.3 billion in revenue last year. WWE counts 224 active wrestlers on its Superstars page, including members of its feeder league NXT. Even if we assume the average salary across the board is $500,000, that comes out to $112 million in salaries — or eight percent of the company’s annual revenue.

The actual number is higher than that thanks to megastar deals and various benefits, bringing in one-off talent and retaining the services of semi-retired veterans through “Legends” deals. Still, longtime wrestling journalist Dave Meltzer pegged WWE’s revenue split at less than 10 percent for talent just last year. It’s clear there’s room for compensation to grow to create a more stable future for the athletes who risk their wellbeing to prop up a company in service of their dreams of stardom.

Unionization would help these wrestlers and fighters gain leverage in an arena where they’ve traditionally had little. Fighters and wrestlers at the top of the card occasionally get to negotiate their way to big deals — White was quick to admit the biggest stars get a cut of pay-per-view sales for headlining UFC cards — but the men and women stuck anywhere below that highest tier wind up settling for less in a trade where one bad night can end their entire careers.

This would go deeper than just compensation, health care (which the UFC also provides for its fighters, though only up to $50,000 and only for injuries officially designated as specifically MMA related) and retirement planning. Despite being labeled as “independent,” wrestlers and fighters under contract have little freedom to ply their trade elsewhere.

If they’re not being utilized on screen they can’t jump to rivals like AEW or Impact until their deal expires — and sometimes these contracts can be extended for nebulous reasons. WWE talent was banned from using Twitch as a source to supplement their income before that edict was lifted last year. In many cases, the company has acted to ensure its talent can’t generate income without cutting out its own slice first. That’s a questionable strategy to begin with, but one that gets more exasperating when you consider the people it’s juicing aren’t even technically employees.

Maybe these grimy practices end with new management in place. Or maybe Endeavor, the company that effectively shrugged and kept White in charge with minimal discipline after video emerged of him striking his wife earlier this year, carves a path for Vince McMahon to re-assume his throne and enact whatever policies he sees fit. If WWE decides to crack down on outside income streams again, there’s little its independent contractors can do to fight it but wait out the end of their contracts and hope those deals aren’t extended against their will.

[We’ve barely touched on UFC fighter pay as well, where six different fighters on the UFC 286 card took home $16,000 or less in guaranteed pay despite months of training and the fees associated with it. Like the WWE, the UFC stifled fighters’ ability to monetize their careers after implementing a uniform that stripped away sponsorship opportunities.]

That’s where a union would help. Pro wrestling has certainly improved in its ability to take care of its talent in the ring and out. The horror stories that once followed the industry like a shadow have slowed to a trickle. WWE takes better care of its wrestlers now than arguably ever before.

This doesn’t mean things can’t improve, especially for the men and women in the middle and bottom of the card putting on bangers and failing to get paid what they’re worth. Putting the UFC and WWE under the same umbrella allows contractors from both sides to link up and demand more. An equitable piece of the pie for the people who put their health at risk to put on a show.

That’s an uphill battle. Unionization efforts have sputtered out before. White and McMahon know that taking care of the stars at the top of their cards can squash these organization drives out before they can even start.

But the opportunity is there. The reward is a better life for wrestlers and fighters throughout the Endeavor umbrella.

DAZN among suitors interested in buying Top Rank

Bob Arum, the founder and CEO of Top Rank, is serious about selling his company to the highest bidder. Potential suitors include DAZN.

Bob Arum, the founder and CEO of Top Rank, is listening to offers from those interested in buying his storied company. And potential suitors have lined up around the block.

Arum, 88, told Business Insider recently that he has had discussions with at least three entities about selling his promotional firm: Endeavor, Liberty Global and DAZN.

“Endeavor, here we are,” Arum said. “We’re talking to Endeavor. We’re talking to Liberty Global. We’re talking to DAZN. I met with [DAZN owner] Leonard Blavatnik last week. We’ll see. Maybe we don’t sell.”

DAZN, of course, is the sports streaming platform best known in boxing circles for showcasing stars Canelo Alvarez, Gennadiy Golovkin and Anthony Joshua, among others.

Endeavor is one of the premier talent agencies in the world. In addition to representing stars from across the entertainment spectrum, the company owns the Mixed Martial Arts behemoth UFC, which it bought for $4.025 billion.

And Liberty Global is a telecommunications giant that owns the British cable company Virgin Media.

Arum envisions remaining with the company even after a sale, as Dana White did with UFC. “Anything is for sale if I can stay alive in the business,” Arum said.

Founded in 1973, Top Rank has promoted some of the greatest fighters in the sport, such as Muhammad Ali, Sugar Ray Leonard, George Foreman, Oscar De La Hoya and Manny Pacquiao. The company currently promotes elite talents Vasiliy Lomachenko, Terence Crawford, Naoya Inoue and Tyson Fury, who faces Deontay Wilder on pay-per-view in a highly anticipated rematch Saturday in Las Vegas.

Included in the potential sale would be fighters under contract with Top Rank, mortgage-free Las Vegas real estate and a film library of more than 10,000 Top Rank-promoted fights.

It’s not clear what Top Rank is worth. According to Business Insider, Arum said that his company represents the “biggest combat sports asset” in the market since the UFC sale.

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