We advised Knighthead Capital Management and 885 Capital on the transaction

Davis Polk advised Knighthead Capital Management, LLC and 885 Capital in connection with the merger by an affiliate of Professional Fighters League, LLC (PFL) with Most Valuable Promotions Worldwide, LLC (MVP), pursuant to which affiliates of Knighthead and 885 Capital increased their investment in the combined company.

In connection with the acquisition, Knighthead and 885 Capital provided $50.4 million of new-money financing to PFL in the form of new third draw second-lien convertible loans and new fourth draw second-lien convertible loans. Proceeds of the capital raise were used, among other things, to pay the sellers of MVP, including co-founders Jake Paul and Nakisa Bidarian.

The combined company, which will operate under the Most Valuable Promotions (MVP) banner, is a global combat sports and entertainment company and operates across boxing, mixed martial arts, live events, media, content, athlete development and global distribution. Through partnerships with leading media and distribution platforms including Netflix, ESPN, Sky Sports and an extensive international network reaching fans across more than 170 countries, MVP delivers world-class competition and entertainment to audiences worldwide.

The Davis Polk finance team included partner David Hahn, counsel Benjamin Cheng and associate Maggie Li. The corporate team included partner Michael Davis, counsel Jacob S. Kleinman and associate Leah Shatkin. The restructuring team included partner Brian M. Resnick and counsel Aryeh Ethan Falk. Partner Corey M. Goodman and associate Bradford Sherman provided tax advice. All members of the Davis Polk team are based in the New York office.

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