The end of the Raúl Rocha Cantú era at Miss Universe seems to be taking shape: after signing the sale of the company that holds his 50% stake in the organization and receiving the first millions, the Mexican executive is still delaying handing over the shares, at the heart of an arbitration and legal battle.
A court document filed on March 20, 2026, by the Delaware Court of Chancery in the case of Tema Inovasi Sdn. Bhd. v. Raúl Rocha Cantú and Legacy Holding Group USA, Inc. , CA No. 2026-0281-JRB, reveals the details of a transaction that could drastically alter the Miss Universe franchise. On September 25, 2025, Raúl Rocha Cantú signed a contract to sell 100% of Legacy Holding Group USA , the company that indirectly owns his 50% stake in Miss Universe , to the Malaysian company Tema Inovasi. The price was $25 million . An initial payment of $9 million was made to Rocha, but the execution of the sale has since triggered arbitration and subsequent legal proceedings in Delaware. If the contract is completed, Rocha will completely divest his stake in Legacy and lose his ownership of Miss Universe.
$25 million to buy out Rocha's entire company
The Miss Universe structure is complex. Legacy Holding Group USA owns 50% of JKN Legacy Inc., which controls JKN Universe LLC, owner of the Miss Universe Organization. At the time of the events described in the court, Raúl Rocha owned 100% of Legacy USA. The contract signed with Tema Inovasi stipulated a two-stage transaction: $9 million for 40% of Legacy's shares , then $16 million for the remaining 60% . Upon completion of the transaction, Tema was to own 100% of Legacy USA and indirectly control the 50% stake in Miss Universe held by that company. The first tranche was executed very quickly. On September 29, 2025 , four days after the contract was signed, Tema transferred the $9 million to Raúl Rocha's bank account . The Delaware court ruling describes this first transaction as "completed." Contractually, it corresponds to 40% of Legacy USA, indirectly equivalent to 20% of Miss Universe.
After paying, Tema filed an emergency arbitration claim.
Difficulties then arose concerning the execution of the agreement and the shares. On January 8, 2026 , more than three months after the first payment, Tema Inovasi initiated JAMS arbitration against Raúl Rocha and Legacy Holding Group USA. An emergency arbitrator was appointed and, on January 29, issued a decision entitled "Partial Final Award." This decision ordered Rocha to immediately deposit his Legacy USA shares with an escrow agent chosen by Tema to secure the securities during the dispute resolution process. Rocha was required to cooperate and provide the necessary information for the establishment of this escrow . The arbitrator also ordered that Elaine Daly , appointed by Tema, be named to the board of directors of Legacy USA.
A month later, Tema took the case to court.
On February 27, 2026 , nearly a month after the arbitrator's decision, the share escrow was still not finalized. Tema Inovasi then filed a petition with the Delaware Court of Chancery , as Legacy USA is a company incorporated in that state, asking the court to uphold the arbitration decision and intervene urgently. The document does not suggest that Rocha refused to cooperate. Its lawyers had communicated with GLAS, the escrow agent, provided the requested documents, and participated in discussions regarding the terms of the transaction. Some of the delays also resulted from the exchanges between Tema, GLAS, and Rocha's representatives. Nevertheless, by that date, the Malaysian company had already paid $9 million over nearly five months and considered the situation problematic enough to warrant resorting first to an emergency arbitrator and then to a US court.
After the Delaware court filing, Rocha is offering to return the 40%
The timeline accelerates once the case goes to court. On March 3 , Rocha and Legacy submit a resolution authorizing the appointment of Elaine Daly to the board of directors. After contesting certain provisions, Tema finally countersigns the document on March 5. Daly then joins the board and begins, among other things, to demand access to Legacy's books and documents. But most importantly, on March 4 , Raúl Rocha proposes transferring 40% of his Legacy USA shares directly to Tema , specifically the stake corresponding to the first $9 million tranche. This timing is one of the most sensitive points in the case: the payment was made in September 2025, but it wasn't until March 2026, following emergency arbitration and the filing of a claim with Delaware Court of Arbitration, that Rocha proposes this direct transfer of the 40% stake.
Another 16 million and Rocha has to be completely removed from Legacy
The second tranche of the contract concerns the remaining 60% of Legacy USA for $16 million . It was to be finalized no later than March 25, 2026. If this step is completed, Tema will own 100% of Legacy, and Rocha will no longer hold any shares. He will therefore lose the indirect 50% stake in Miss Universe that allowed him to become a co-owner. This is the crux of the contract: Raúl Rocha has not simply entered into discussions with an investor. He has signed the sale of the entire company holding his stake in Miss Universe and has begun receiving the proceeds.
Delaware buys Rocha time, but does not cancel the sale
On March 20, 2026 , five days before the scheduled deadline for the second tranche, the Court of Chancery rejected Tema's emergency application and its request for acceleration. This decision, however, does not mean that Rocha obtains the right to retain Legacy, nor does it cancel the $25 million contract. The reason for the rejection is procedural. Despite its title of "Partial Final Award," the judge considers the emergency arbitrator's decision provisional. Its measures can still be modified by the arbitration tribunal tasked with ruling on the merits. A panel of three arbitrators must therefore continue examining the dispute before a final award can potentially be presented to the court. For Rocha, the Delaware decision means one thing above all: more time.
Rocha is dragging its feet on selling its shares: Nawat's arrival could lead to Fátima Bosch's removal
The financial battle here directly intersects with the power struggle shaking Miss Universe. Nawat Itsaragrisil has significantly strengthened his position within the organization and now heads Miss Universe Eastern, overseeing 95 countries . Neither the contract between Tema and Rocha nor the Delaware court ruling stipulates that Nawat will automatically become president of Miss Universe should Legacy change ownership. However, his influence is now so great that Rocha's departure could reshuffle the governance structure and pave the way for Nawat to take the helm.
Such a development could also directly threaten Fatima Bosch . Nawat has become one of her most vocal opponents. He notably claimed that Fatima Bosch had "destroyed the Miss Universe brand ," after having already ridiculed her by publicly asking, "Who is Fatima Bosch?" Raúl Rocha, on the other hand, remains one of her main supporters, despite his reconciliation with Nawat in November 2025 thanks to Omar Harfouch.
According to reports surrounding this internal battle, Fátima Bosch's father allegedly asked Raúl Rocha to delay or block the transfer of shares already sold to the Malaysian company, in order to prevent Nawat from assuming the presidency of the organization before the Miss Universe pageant scheduled for Puerto Rico . If this request is confirmed, it would add another dimension to the delays surrounding the sale of Legacy: beyond the millions of dollars and the transfer of shares, the immediate future of Fátima Bosch and control of Miss Universe would also be at stake.
The Mexican contestant's election remains highly contested. Natalie Glebova, Miss Universe 2005 and a member of the Miss Universe 2025 jury, stated that six of the eight judges she interviewed did not vote for Fátima Bosch . Omar Harfouch , who left the jury before the final, claimed that Rocha and his son had tried to influence him to vote for Bosch by invoking "business interests," before announcing her crowning even before the final. Raúl Rocha's role in Fátima Bosch's election is thus at the heart of the accusations surrounding the result.
Could the delays surrounding the share transfer, then, also be explained, at least in part, by this power struggle and the desire to protect Fatima Bosch until she reaches Puerto Rico? No element of the Delaware court file supports this, and this hypothesis must therefore be distinguished from the facts established by the proceedings. However, Rocha's definitive departure would diminish his influence as owner and could subsequently weaken his presidency. If Nawat were then to take over the organization, Fatima Bosch's removal could be considered , given the Thai leader's outright opposition to Miss Universe 2025.
Raúl Rocha is nearing the end, but the problems continue right to the very end.
To date, it is still impossible to definitively confirm that Tema Inovasi owns the 50% stake in Miss Universe held by Legacy. No publicly available final arbitration ruling has been found to establish that the remaining 60% has been transferred or that the additional $16 million has been paid. But for Raúl Rocha, the end seems near for Miss Universe if the sale he signed is completed . After the numerous controversies surrounding his presidency, it is now the sale of his own shares that has become a battleground. The first $9 million was paid as early as September 2025, and the transfer of shares remains at the heart of the conflict. If the agreement is ultimately executed in full, Rocha will lose his shares in Legacy and his stake in Miss Universe. The end of an era that will finally allow Miss Universe to regain credibility and legitimacy…
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