Dana White has officially entered boxing, securing TKO a $10 million annual payday
After years of speculation and rumors, the worst-kept secret in sports is official; UFC CEO and President Dana White is teaming up with Saudi Arabia to launch a new boxing league.
There is still a lot to figure out. The boxing league doesn’t yet have a name, has not signed any fighters, and has no media rights deal, sponsorship contracts, or arena hosting agreements. But here is everything that we know about the new league so far:
The boxing league is a partnership between: 1) TKO, the parent company of the UFC and WWE, 2) Sela, a Saudi Arabian hospitality company specializing in experiences and events, and 3) Turki Alalshikh, chairman of the Saudi General Entertainment Authority, owner of Ring Magazine, and boxing power-player.
TKO is not committing any cash to the league. Instead, they will be paid a $10 million-plus annual fee for operating the business — promoting fights, hosting events, negotiating media rights deals, etc. — and will also have the opportunity to earn additional equity based on the business's success over the next five years.
Dana White (UFC CEO and President) and Nick Khan (WWE President and TKO board member) will lead operations for the new boxing league. White will likely lead the boxing operations and promotion, while Khan handles business efforts like a new media rights deal.
The easiest way to think about this new league is that it will essentially apply the UFC model to boxing. Dana White says the league will sign 150 to 160 boxers in multiple weight classes, each with their own belt. Similar to the UFC, there will also be a transparent rankings system and events held worldwide, leveraging tourism budgets.