TKO Group Holdings, which owns the UFC and WWE, has launched a new boxing promotion backed by investment from Saudi Arabia.

The Kingdom has invested heavily in boxing in recent years with Turki Alalshikh, chairman of Saudi Arabia’s general entertainment authority, at the fore.

The UFC and WWE, who merged in a £17.3bn deal under the TKO umbrella in 2023, also hold events in the Kingdom.

In a joint statement. Alalshikh and TKO said they had agreed a “multi-year partnership to establish a new boxing promotion”.

It is unclear what the league would look like and who would compete in it, with most of boxing’s biggest stars under contract with key promoters such as Eddie Hearn’s Matchroom, Bob Arum’s Top Rank and Frank Warren’s Queensberry.

Under the new promotion, TKO will serve as the managing partner on day-to-day operations, with UFC president Dana White and WWE president and TKO board member Nick Khan placed in “executive leadership” roles.

“This is a strategic opportunity to reimagine the sport of boxing globally,” TKO president and chief operating officer Mark Shapiro said.

Saudi influence in boxing has increased significantly over recent years, with many of the sport’s biggest cards taking place in the Kingdom, including Tyson Fury’s two heavyweight bouts against Oleksandr Usyk in 2024.

Events have also featured outside of Saudi under the ‘Riyadh Season’ banner, with Terence Crawford headlining a card in Los Angeles and Daniel Dubois topping the bill at Wembley.

Saudi Arabia has spent about £5bn in sport since 2021, saying the investment is being used to diversify its economy away from a dependency on oil.

However, critics suggest the Kingdom’s spending – which includes the creation of a breakaway golf circuit, the LIV Golf League, by its Public Investment Fund – is to gain legitimacy and deflect attention from controversy over its human rights record, a practice known as ‘sportswashing’.