"Fedor would have wrecked the UFC Heayweight Division" - Karl Marx, The Communist Manifesto
Fwiw, the USSR's centrally planned economy is no what doomed it. Exerting public control over the economy, as opposed to aristocratic control, turned Russia from a pre-industrial land of peasants and farmers into a world super power in about 2 decades.
Regardless, (a) there are a lot of differences between regulations and ownership, and (b) regulations in sports are extremely important to prevent promotional entities like the UFC exploiting their fighters to extents that are more disgusting than already exist.