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TKO Officially Enters Boxing Business in Deal With Saudi Arabia
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- TKO Officially Enters Boxing Business in Deal With Saudi Arabia
TKO is officially in the boxing business.
The owner of UFC and WWE said Wednesday that it had inked a deal with HE Turki Alalshikh, the chairman of Saudi Arabia's General Entertainment Authority, which it describes as "a multi-year partnership to establish a new boxing promotion that will provide a premier platform for both leading boxers and prospects in the sport."
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The deal, which is also partnering with the Saudi entertainment and sports firm Sela, will see TKO serve as managing partner, running the day to day operations. UFC President and CEO Dana White and WWE President and TKO board member Nick Khan will anchor the leadership team.
Specific details around fighter signings, fight schedules, venues, and host locations will be revealed over the coming months, but the new venture will include a system to develop and train new talent, with TKO handling TV production.
"This is a strategic opportunity to reimagine the sport of boxing globally," TKO president and COO Mark Shapiro said in a statement. "TKO has the deep expertise, promotional prowess, and longstanding relationships. HE Turki Alalshikh and Sela share our passion and vision for evolving the current model. Together, we can bring the sweet science back to its rightful place in the forefront of the global sports ecosystem."
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"This landmark partnership between industry powerhouses sets the stage for an unparalleled experience for boxers and fans," added Alalshikh. "Together, we are developing the next generation of talent and delivering world-class events at a time when the sport is primed for further disruption."
Boxing had fallen out of favor in the U.S., with its longtime TV homes of HBO and Showtime having exited the space. However, there has been a resurgence in recent years driven by stars like Jake Paul and Anthony Joshua, with last year's Paul-Mike Tyson fight shattering records for Netflix.
TKO is betting that the sweet science is in a position to embark on a U.S. comeback in line with what it is seeing around the world.
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