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This year is full of 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 Chief Operating Officer Mark Shapiro spoke about the White House event on a quarterly financial call during which he said the promotion is expecting a price tag “upwards of $60 million.”
“I think by the time all is said and done with the event and what we pay the fighters and the fan fest 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 is taking on all the 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 get at least half of that $60 million back through sponsorships and other avenues, but it’s still expected to be a big loss.
“We are working to determine, on a parallel track, a package of inventory in and around the weekend of events we can monetize, primarily with corporate partners,” Shapiro said. “[Business to business] players that will offset half of the spend. Even if that $60 [million] goes up or rides up on us, we believe we can offset half of the spend.”
The White House did not immediately respond to a request for comment by Fox News Digital.
Shapiro said there are “several current and prospective partners that are pursuing multi-year partnerships” with TKO that would be inclusive to the White House event.
It isn’t a surprise to TKO or the UFC that the price tag is so high. The promotion’s CEO, Dana White, previously said it would be one of his most expensive events in history.
In the end, everyone involved wants to do whatever it takes to make this event one of the greatest in American history, especially with it being heavily involved in the America 250 celebration this year.
“I want to be clear about something. We will not profit from the White House event independently,” Shapiro said. “We will not be making money on America’s 250th anniversary.
“This is an investment for the long term. This is about earned media. This is about sampling, new fans, casual viewers, a spectacle on a stage that will ultimately expand our audience, our viewership and our success on Paramount+.”
White has previously promised the “greatest fight card ever assembled” for this event. Many superstar fighters have publicly lobbied to be involved on the card, though negotiations have not begun yet.
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