A mysterious Dagestani billionaire wanted to buy a stake in the UFC

Amidst rumours that the UFC is in talks to sell the promotion to China Media Capital, a private equity and venture capital firm based in Shanghai, a Russian oligarch revealed that he was close to purchasing a stake of the promotion himself.

Ziyavudin Magomedov, a Dagestani billionaire who is a major investor in Fight Nights Global, appeared to be interested in “UFC shares.” Negotiations took place but eventually fizzled, according to Fight Nights promoter Kamil Gadzhiev.

“Indeed, the desire was there,” Gadzhiev told MatchTV.ru. “I’m not talking about the amount of the package, but the negotiations were conducted. But this is a case of days gone by. Today we have a new interesting task: to develop Fight Nights to the level of the highest international requirements.”

A 2011 finance magazine labeled Magomedov the 41st richest man in Russia with an estimated value of $3 billion USD. According to Forbes, he is the chairman of Summa Group, a “conglomerate invested in port logistics, engineering, construction, telecommunications, and oil and gas. It constructs and operates trade ports for cargo turnover, operates an oil terminal, constructs theatres and sports stadiums, and provides transportation and logistics services.” Magomedov is renowned for renovating the Bolshoi Theater in Moscow. His older brother and junior partner, Magomed Magomedov, is a former member of the Federation Council, the upper house of Russia’s parliament, and helped Ziyavudin found the private investment company.

Magomedov rose to prominence and became a billionaire with the help of state contracts during the ascent of former Russian President Dmitry Medvedev. Between 2009-13, Magomedov’s fortune rose sharply to $2.1 billion, which coincided with the start of Medvedev’s first year as president. This was also partially due to Medvedev’s strategic approach to development in the North Caucasus. The former Russian president believed that a steady stream of investments in the war-torn North Caucasus could eventually transform it into a touristic region, and he directed significant funds towards the region. Many North Caucasus natives rose to prominence and owed their …

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