Saudi Arabia is making waves in the world of sports once again, this time setting its sights on professional boxing. With billions of dollars already invested in golf and soccer, the ambitious Saudi plan to reshape the boxing industry is in its final stages of approval.
According to sources familiar with the plan, Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, is set to finance the project with an initial investment of up to $2 billion. The plan involves signing 200 of the top men’s boxers in the world and creating a global boxing league with 12 weight classes, each consisting of about 15 fighters.
The proposed league aims to streamline the often chaotic and fragmented world of professional boxing, where rival promoters and sanctioning bodies often hinder the best fighters from facing off. By creating a single entity similar to the successful Ultimate Fighting Championship model, the Saudi-backed league could bring new life to the sport.
The project, which has been in the works for over a year with the help of consultancy firms like Boston Consulting Group, could kick off as early as the first half of next year if an investment decision is confirmed. The Public Investment Fund’s financial backing has been instrumental in Saudi Arabia’s foray into the sports industry, sparking both excitement and criticism.
One of the main challenges facing the Saudi plan is the existing contracts top boxers have with high-profile promoters and television networks. Discussions are already underway to potentially invest in major boxing promotion companies to resolve this issue and secure partnerships with traditional boxing organizations.
With a requirement for boxers to participate in a minimum number of events per year, the new league aims to keep fans engaged and prevent top fighters from taking extended breaks from the sport. Events would be promoted by a P.I.F. entity called Sela, with plans to host fights not only in Saudi Arabia but around the world.
Saudi Arabia has already established itself as a top destination for high-profile boxing events, with recent bouts drawing global attention. The upcoming Riyadh Season will see events held overseas, starting with a fight night in Los Angeles featuring Terrence Crawford and Israil Madrimov for the super-welterweight title, followed by a potential blockbuster event at London’s Wembley Stadium.
Leading the charge in this boxing revolution is Turki al-Sheikh, the chairman of Saudi Arabia’s General Entertainment Authority, who aims to “fix” the sport he believes is broken. With Saudi Arabia’s deep pockets and ambitious vision, the future of professional boxing could soon be in for a major shake-up.
