TKO Group, the company that houses WWE and UFC, has entered a multi-year agreement with the Saudi General Entertainment Authority to create a new boxing promotion.
Led by UFC president and chief executive 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 Alalshikh and Sela, a subsidiary of Saudi Arabia's Public Investment Fund.
"Today marks a new chapter in boxing history," Alalshikh wrote on X. "I'm thrilled about this great partnership with those I consider the best for the sport. Together, we will elevate it to new heights."
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 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 modernise Saudi society and economy.
At its core is spending on sports by the $900bn [£700bn] sovereign wealth operation, the Public Investment Fund, which Salman oversees.
Watch Natasha Jonas fight Lauren Price at the Royal Albert Hall live on Sky Sports on Friday March 7.
