ONE Championship, the Singapore-based combat sports circuit valued north of $1 billion in its last raise, has appointed CAA Brand Management as its official licensing agency for Asia. The appointment marks the first time the organization—which runs 50-plus live events annually across ten countries—has outsourced licensing to an agency.
CAA Brand Management will handle consumer product categories including apparel, footwear, collectibles, and gaming accessories across Southeast Asia, Greater China, Japan, and India. ONE Championship President Hua Fung Teh confirmed the arrangement but declined to specify revenue targets or upfront guarantees. The partnership structure follows CAA's standard contingency model: the agency earns a percentage of gross licensing revenue, typically 15-20% depending on category and territory exclusivity.
The move arrives as ONE pivots from pure media-rights monetization toward owned revenue lines. The property's most recent broadcast deal with Amazon Prime Video covered 190 countries but generated modest per-fight CPMs given Asia's fragmented streaming landscape. Licensing allows ONE to capture margin on branded merchandise without splitting revenue with platform partners or venue operators. CAA Brand Management's existing portfolio includes the UFC, which derives roughly $200 million annually from licensing—12-15% of total revenue. ONE's addressable market is smaller but faster-growing: Asia-Pacific sports merchandise sales expanded 9.4% year-over-year in 2025, outpacing North America's 3.1% growth.
The agency appointment also signals ONE's interest in Chinese apparel manufacturing relationships. CAA Brand Management maintains factory partnerships in Guangdong and Zhejiang provinces, enabling direct-to-consumer fulfillment without Western distributor markups. For context, UFC's Venum kit deal runs through a Thai manufacturer but ships primarily to U.S. and European buyers. ONE's audience skews 68% Asia-based, making regional production less about cost and more about lead-time compression for limited drops tied to fighter storylines.
Worth noting: CAA's consumer products group reports to CAA Sports co-head Michael Levine, who also oversees the agency's combat sports talent division. That creates structural alignment between fighter endorsements and licensed merchandise—an edge CAA lacked when it pitched ONE in 2023. The agency now reps 22 ONE Championship fighters, including flyweight titleholder Demetrious Johnson, whose Japanese fanbase makes him the property's highest-earning licensing draw.
The arrangement does not cover North America or Europe, where ONE lacks the live-event density to justify retail shelf space. Licensing in those markets remains handled in-house by ONE's Singapore commercial team, which has produced minimal output since 2021. CAA Brand Management's remit includes identifying co-branded opportunities with regional sponsors—specifically, the property's four automotive partners and two telco backers—to bundle licensed goods into activation campaigns.
Watch for an apparel capsule collection tied to ONE Championship's April event in Tokyo, where CAA Brand Management plans its first product launch. The agency is also in discussions with a Shenzhen-based collectibles manufacturer for fighter figurines ahead of the property's June stadium show in Bangkok. Separately, ONE's existing Thailand kit sponsor, Fairtex, has rights through December 2026 but no renewal framework in place—opening the door for a CAA-brokered replacement that bundles retail licensing with team apparel.
The licensing push coincides with Saudi interest in ONE Championship. Public Investment Fund representatives attended the property's February card in Riyadh, and whispers suggest PIF is sizing a minority stake in the $200-300 million range. A CAA-managed licensing operation with audited revenue streams would clean up ONE's financials for diligence. For CAA, the upside is structural: if PIF invests, the agency gains leverage to pitch licensing mandates across the Kingdom's other combat sports bets, including its nascent MMA league launch expected late 2026.
ONE Championship's next earnings call with investors is scheduled for May. Licensing revenue will appear as a standalone line item for the first time.
The takeaway
ONE Championship outsources Asia licensing to CAA as it shifts from media-rights dependency to owned merchandise revenue ahead of possible Saudi investment.
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