UFC and WWE owners launch new Saudi-backed boxing league - TKO has agreed a multi-year deal with the Saudi General Entertainment Authority

TKO Group, the company that houses WWE and UFC, has entered a multiyear agreement with the Saudi General Entertainment Authority to create a new boxing promotion.

UFC CEO Dana White has long voiced ambitions about making a major move into the boxing world. Now, underneath the TKO banner, he has finally entered the pugilistic space.

TKO Group, the parent company of WWE and UFC, is joining forces with the Saudi General Entertainment Authority to create a new boxing promotion, it was announced Wednesday.

TKO Group Holdings Inc., which owns the UFC and WWE, is teaming up with a subsidiary of Saudi Arabia’s Public Investment Fund to create a new boxing promoter that will host its first event next year.

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.