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Well, that kind has been Coker's problem from the get go in the sport of MMA. He can collect talent. Use it questionably at times. But his biggest down fall and this probably falls more on Viacom than Coker but they can't build the brand and that is the problem. Viacom is in a space that you produce a good quality show or movie, promote it for a few weeks and people will tune into it and buy advertising space. MMA is 24/7 grind of building awareness to the product and it never ends and sponsorship/advertisers are very short list compared to what Viacom is use to.
You say UFC is giving us a water down product but at the same time the revenues have never been higher. This is all do to the UFC branding.
It's like any business you can invent the best product in the world in whatever space but if you can't get the general public to recognize it you'll never get anywhere.
If we ever really want to see a true number 2 org in the world that is player for 90% of the free agents regardless of star power you need to have an org that has strong branding above anything else. They have to attract blow joe that the UFC attracts. You need passionate owners through and through that realize debt is going to come and pile up well before profits and success. PFL showed us that the later is what allows them to sign Francis where Bellator was like nope, too much money. But look at the run PFL has gotten in the media world from the signing. More advertising for the brand and conversations about PFL than Bellator has gotten in years. They haven't paid Francis a nickel yet and probably got millions worth of advertising out of him.
I'm not saying this is your opinion, you simply reminded me of this and I want to get it off my chest: lately I've been seeing a lot of talk about how Coker is a limited promoter and can't built a business. This is a far cry from what people's opinions were about him 10+ years ago when he had several successful businesses under his belt and had built up Strikeforce from a regional promotion to an international promotion that was such a success that UFC had to buy it. I think this new perspective of Coker is entirely the UFC shitposting machine getting into overdrive and spreading this narrative because it has been entirely undeserved. If Coker has failed with Bellator (and I'm not sure he has), it's because (as you say) of such behind-the-scenes obstacles as uncommitted owners.
But i do object to your statement that I say UFC is giving us a watered-down product. Is that something you doubt?