Lalit Modi's April 2026 podcast remarks on The Overlap outlined ambitions for a city-franchise global MMA league modeled on the IPL format, positioning it as a direct challenge to UFC's individual-fighter structure under Dana White. Since then, no confirmed milestones—such as secured financing, media deals, fighter signings, or regulatory progress—have emerged to support a formal announcement by the December 31, 2026 deadline. Modi's recent focus has centered on resolving long-standing legal matters and planning a return to India by year-end or early 2027, with public activity limited to unrelated matters like denying Bigg Boss participation. A prior 2017 attempt through Valor Sports & Entertainment ultimately folded without launch, and Modi's own May 2026 social media skepticism toward Scott Coker's separately funded 2027-targeted league underscored the capital and infrastructure barriers in combat sports. Traders price "No" at 60.5% as the implied probability reflects these unclosed gaps between exploratory statements and the concrete steps needed for an official qualifying announcement.