Jun 22, 2016 11:16 AM EDT By Ron S., UniversityHerald Reporter

UFC denied reports of its sale of the company for $4.2 billion, which as a result seeks legal action against the media for the false claim.

The report that started the craze had come from FloCombat, stating that Zuffa Brass accepted a $4.2 billion bid for UFC. The mixed martial arts promotion denied its reported acquisition, and proceeded to assure its employees that the claims are false, which they sent through an e-mail, Herald Scotland reported.

The report of the false acquisition surfaced on Monday. Dave Sholler, vice president of public relations at UFC, had insisted that reports of a successful purchase was false.

The email which was sent to the UFC staff was also signed by its CEO, Lorenzo Fertitta. As mentioned in the e-mail, the report that claimed that the company was sold is completely false, and all reports that had followed supporting the claim is to be deemed irrelevant.

The internal memo also mentioned that this type of false reports is far from being harmless. The claims, whether true or not, can have an effect in the brand, as the vice president of public affairs states, according to Wrestling Inc.

The reports that may have led to the public speculation, which ultimately let to the false claims, may have rooted within the media when ESPN had reported in May that owners of the mixed martial arts promotion were in the process of selling the business.

Feritta, along with his brother Frank Feritta III, obtained the brand for $2 million back in 2001 from the Semaphore Entertainment Group. And according to recent events, it is apparent that the brothers are likely to hold on to their company for a while longer.

Currently, UFC is estimated to be worth $1.65 billion, which analysts predict that it is still growing. The mixed martial arts promotion has been included in the Forbes' Fab 40 list, according to MMA Mania.

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