The UFC's own leadership now pegs the company at roughly $50 billion, a huge win for its owners and a reminder of how rare that outcome is.

• The UFC was bought for $2 million when almost nobody believed in the sport.
• The $50 billion figure is benchmarked off the Lakers' recent $12.5 billion sale price.
• Most people are not built for running a company, because employees and their families depend on the owner, not just the owner on himself.
• Hiring is the make-or-break skill: talent alone is not enough without drive and buy-in on the plan.
• During COVID the UFC refused to lay anyone off, treating payroll as the CEO's job to protect.

Outlook: Sports franchise values keep climbing, so expect more eye-watering valuations for leagues and promotions that own their own content.