Recent comments from Lalit Modi on a podcast have highlighted his interest in building a global mixed martial arts promotion styled after the IPL, directly challenging the UFC's structure under Dana White. However, the lack of confirmed fighter signings, venue partnerships, or official branding updates since those remarks has reinforced trader consensus around a "No" outcome. The MMA landscape's established promotions, exclusive athlete contracts, and regulatory hurdles create substantial barriers for new entrants, even with Modi's franchising track record. Without visible momentum on roster construction or international expansion in the coming months, implied probabilities continue to reflect measured skepticism about a formal announcement by the end of 2026.