Endeavor is planning to go public this year. The prospectus bills the company as the only one-stop shopping platform for many of the world's top models, sports, media, and Hollywood assets in the world.

But the only time the company has made money in recent years is when it sold IMG College. Investors also will have no say in how Endeavor is run and receive no dividend. Endeavor has grown rapidly via big acquisitions-IMG Worldwide, UFC-and has $4.6 billion of debt stacked on $3.6 billion of revenue.

Notes tax wizard Harvey I. Bezozi, "The Endeavor team has been successful at acquiring premier brands and using creative corporate financing to fund operational shortfalls."

On the latest episode of Forbes SportsMoney on the YES Network, my partner Bob Lorenz and I discuss the IPO.

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