NEW YORK (AP) — TKO Group, the company that houses WWE and UFC, entered a multiyear agreement with the Saudi General Entertainment Authority to create a new boxing promotion, it was announced Wednesday.
Led by UFC president and CEO Dana White and WWE president and TKO board member Nick Khan, TKO will serve as managing partner and run the day-to-day operations of the promotion.
The first event will be held in 2026.
TKO did not announce the name of the league that will run in partnership with the Saudi chairman Turki Al-Sheikh and Sela, a subsidiary of Saudi Arabia’s Public Investment Fund.
The new venture is just the latest in Saudi Arabia’s massive spending on global sports driven by Crown Prince Mohammed bin Salman.
The Saudis host a Formula 1 auto race, fund LIV Golf, have hosted numerous pay-per-view boxing cards, are in the midst of a 10-year deal to hold WWE events and will host the 2034 World Cup in men’s soccer, giving the oil-rich kingdom its biggest prize yet in its sports expansion.
The kingdom plans to spend tens of billion of dollars on projects related to the World Cup as part of the crown prince’s sweeping Vision 2030 project that aims to modernize Saudi society and economy. At its core is spending on sports by the $900 billion sovereign wealth operation, the Public Investment Fund, which Salman oversees.
Critics have accused Saudi Arabia of “sportswashing,” an effort to rebrand a nation’s troubling public image that has been going on for decades, using the Olympics and other sports across the globe.
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