UFC says it will not profit from White House event that could cost ‘more than $60 million’

This year is packed with momentous sporting events in the United States, including a first-of-its-kind UFC card at the White House.

However, the event, scheduled for June 14, will cost the UFC a pretty penny.

TKO Group Holdings President and COO Mark Shapiro discussed the White House event on a quarterly financial call during which he said the development expects a price tag “in excess of $60 million.”

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“I think by the time it’s all said and done with the event and what we pay the fighters and the fan festival that we’re going to have, that could move north,” Shapiro said of the expected cost, according to SB Nation. “It’s definitely not moving south. It could move north. Bottom line, it’s still a moving target.”

TKO Group Holdings will assume all costs of the event, which included building an arena on the South Lawn of the White House and paying its fighters. The UFC hopes to recoup at least half of that $60 million through sponsorships and other avenues, but it’s still expected to be a big loss.

“We are working to determine, in parallel, a package of event inventory in and around the weekend that we can monetize, primarily with corporate partners,” Shapiro said. “[Business to business] players who will compensate half of the expense. Even if that $60 [million] rises or surpasses us, we believe we can offset half of the expense.

The White House did not immediately respond to a request for comment from News Digital.

Shapiro said there are “several current and potential partners who are pursuing multi-year partnerships” with TKO that would include the White House event.

It’s no surprise to TKO or UFC that the price is so high. The promotion’s CEO Dana White previously said it would be one of the most expensive events in history.

In the end, everyone involved wants to do whatever it takes to make this event one of the most important in American history, especially since it is heavily involved in hosting the America 250 this year.

“I want to make something clear. We will not benefit from the White House event independently,” Shapiro said. “We won’t make money on America’s 250th birthday.

“This is a long-term investment. This is about earned media. This is about samples, new fans, casual viewers, a stage show that will ultimately expand our audience, our viewership and our success on Paramount+.”

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White has previously promised the “best card ever assembled” for this event. Many superstar wrestlers have publicly pushed to participate on the card, although negotiations have not yet begun.

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