At the time UFC was nearly dead though. It's previous owner told Dana White he had no more money and couldn't do another show.
Yeah looking back Vince could have paid the $2 million that Zuffa did and looked like a genius. But with certain states against it from having shows , no releases on home video and all then...Vince likely was thinking...do I want this headache dealing with state government to air shows ?
Plus Vince wouldn't really know real fighting either. Bit he now comically calls the shots as White's boss which is bizarre.