Billionaire brothers Frank III and Lorenzo Fertitta seek to gain their new fortune by launching an investment fund after selling the mixed martial arts promoter, Ultimate Fighting Championship (UFC), to William Morris Endeavor and International Management Group (known as WME-IMG) in one of the largest franchise deals in sports history, according to Forbes.

Last week Monday, the Ferittas had announced $500 million in new investment in private investment firm Fertitta Capital. The firm intends to center on consumer-facing businesses, specifically in technology, media and entertainment sectors.

Nakisa Bidarian, a former executive of UFC, will play a vital role in leading the firm as CEO and co-founder.

According to a report, the brothers intend to make a $25-$75 million investment in private companies.

The Fertittas' history in business

The Ferittas inherited his substantial fortune after their father, Frank Feritta Jr., launched the casino industry at Station Casinos in 1976. As the company went public 24 years ago, Frank Jr. stepped down from his role as CEO and the Ferittas took over to control Station Casinos, which raised $294 million in its initial public offering (IPO) at the time.

In 2009, Station Casinos announced plans to file for bankruptcy. Eventually, in 2015, the company has again filed a registration statement known as Form S-1 with the Security and Exchange Commission (SEC) to create a holding company for the leading gaming, development and management company, Red Rock Resorts, Inc., which oversees nine large casino resorts and 10 smaller casinos in the Las Vegas regional market.

In 2001, when the Ferittas launched Zuffa, LLC, they obtained the assets of UFC and ultimately acquired the promoter for $2 million.

While the UFC confronted regulatory challenges with the government, the popularity of MMA continues to climb. The UFC has generated hundreds of millions of dollars in annual revenue from the advertising, corporate sponsorship, cable per-pay view and among others.

In July 2016, when Zuffa, LLC, sold the mixed martial arts business to the WME-IMG for $4 billion, the Hollywood talent agency included private equity firms -- Silver Lake Partners and Kohlberg Kravis Roberts, and the investment firm of the billionaire Michael S.

Dell -- as a part of the deal to purchase the ownership interest. When the deal was finalized, Lorenzo Fertitta then resigned the position as UFC CEO.

Will Ferrittas buy NFL franchise?

During the sale, UFC President Dana White said in May 2016 that the Ferittas, who are hardcore football fans, might be considering purchasing a NFL franchise.

"It is 100-percent a fact, they are hardcore football fans and I promise you one day the Feritta brothers will own an NFL team. No doubt about it."White said at the time.

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