As far as I can tell, the UFC has no real strategy for breaking into Europe outside of doing a bunch of shows and losing a lot of money, with the hope that they will catch fire somehow. Dana White confirmed as much recently at the UFC 80 Press conference:
I don't think there is anything profitable about the European market right now. We're getting our ass kicked over there...You've got to have television and the television market and pay-per-view market is completely different over there. So we're stomping through this thing until we can figure it out.
Even while selling out shows, they're losing a ton considering the advertising and flyout costs. However, until they can "figure out" the television, it's all for nothing. Dana is trying to emulate what WWE has done overseas, where PPV buys from Europe have kept WWE PPV's profitable even as domestic buys have collapsed.
It's possible that continual sellouts will sell European TV companies on picking up The Ultimate Fighter and other UFC programming, but I find that unlikely too. It's not like WWE Raw, which is fresh weekly programming. Until UFC has a weekly fight show, I can't see them really breaking into the television market over there, which is really the big step. I'm aware that they have some weak slots on Bravo and elsewhere, but they haven't really had the kind of breakthrough that is the equivalent of the Spike deal here.
Meanwhile, UFC is still yet to hit broadcast TV, and has still not run in many major states. I think there is a good argument for focusing on domestic growth, seeing as it will be profitable and there is already a market for it. Creating a market from scratch isn't easy.