Dozens of states quickly enacted laws banning "no-holds-barred" fighting, abhorred by the thought of humans fighting inside an eight-sided cage. Even though limited rules and gloves were introduced, the organization stood on the brink of bankruptcy.

That's when White brought the concept to the Fertittas, a pair of casino executives he'd known since high school. They purchased the UFC for $2 million in 2001 and immediately went to work getting the sport sanctioned. Universal rules were put in place, allowing shows to be held for the first time in casinos in Nevada and New Jersey.

"When we bought this company, especially my partners, they had a lot of people working for them and they thought this was probably the dumbest business investment ever," says White, the UFC president. "We believed in it. We were passionate about the sport."

Passion only goes so far. By 2004, parent company Zuffa LLC still couldn't climb out of the red. The Fertittas nearly gave up, and White frantically tried to secure funding to press on.

Everything changed when the trio came up with "The Ultimate Fighter," couching the sport in a reality TV format. The cable show was an instant hit, and the sport quickly began to slice into boxing's fan base, which had long grown stagnant.

Stars like Chuck Liddell and Randy Couture were born, and an entire industry sprouted over night. Nearly ever major event is now sold out, and a sport that corporate American once refused to touch has credibility with mainstream sponsors like Harley-Davidson and Budweiser.

The new "UFC: Undisputed" video game sold a 1 million copies its first week.

"Having 'The Ultimate Fighter' was the thing that did it for us, live fighting on TV," says Liddell, who was recently inducted into the UFC's Hall of Fame. "That's what we had to do, was get a live fight on TV. It couldn't have worked out better."

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Each of the Fertittas own 45 percent of Zuffa LLC, while White owns 10 percent. Before the recession hit, the company was estimated to be worth close to $1 billion.

Business advisory firm Applied Analysis recently did an economic impact study of the UFC on Las Vegas, which has been severely affected by the crumbling economy, and found it generated $86.2 million in nongaming revenue for six events held last year and early this year.

Such a valuable commodity inevitably leads to competition, and the brash White found himself facing rivals at every turn.

The International Fight League, which tried to market MMA as a team sport, lasted about two years. EliteXC, with backing from Showtime, put three events on CBS before stalling.