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TKO Group Holdings, the parent company of both the WWE and UFC, has launched a new boxing promotion.

The promotion is launched in partnership with Turki Alalshikh, who is the chairman of Saudi Arabia's General Entertainment Authority. The deal is reported to be a multi-year one.

WWE President and TKO board member Nick Khan, as well as UFC President Dana White have reportedly been placed in executive roles.

As of writing, the promotion has yet to be officially named. However, the first events are expected to take place next year, according to The Independent.

Who Will Participate in This New Promotion?

The announcement of the new boxing promotion did not come with vital information. Aside from its name, it is unclear, as of press time, who gets to compete in it.

The BBC notes in its report that the word's well-known boxers are currently signed with other promotions, such as Bob Arum's Top Rank.

Fans will have to wait and see to see who will compete in the promotion as more information has been promised to be released in the future.

WWE, Saudi's Partnership

Saudi Arabia has been active in terms of its sports projects in recent years, and many of them have been done in partnership with WWE.

WWE and Saudi Arabia have entered a 10-year partnership, which led to many events and other promotions to take place in the Asian nation in support of the Saudi government's "Saudi Vision 2030" program.

Most notably, WWE's Crown Jewel event was created as a result of the partnership in 2018. The live event has been held annually since, except in 2020 due to the COVID-19 pandemic.

Next year's Royal Rumble event is likewise scheduled to take place in Riyadh, the capital of Saudi Arabia. A similar event called Greatest Royal Rumble was held in the country in 2018.

Originally published on sportsworldnews.com