Details Behind Boxing Promotion WWE Parent Company TKO Just Launched

TKO Holdings Group, the parent company of one WWE, certainly has plenty of irons in the fire right now. There's of course UFC, and recently TKO has bolstered its ranks by adding Professional Bull Riders, and media companies IMG and On Location. And then there's been the long rumored boxing promotion that TKO has reportedly working on, something that on Wednesday went from rumor to reality.

In a press release, TKO announced, in conjunction with Turki Alashihk, Chairman of Saudi Arabia's General Entertainment Authority, and entertainment conglomerate Sela, announced "a multi-year partnership to establish a new boxing promotion."

"This landmark partnership between industry powerhouses sets the stage for an unparalleled experience for boxers and fans," Alashihk said in a statement. "Together, we are developing the next generation of talent and delivering world-class events at a time when the sport is primed for further disruption."

"This is a strategic opportunity to reimagine the sport of boxing globally," TKO President and COO Mark Shapiro said. "TKO has the deep expertise, promotional prowess, and longstanding relationships. HE Turki Alalshikh and Sela share our passion and vision for evolving the current model. Together, we can bring the sweet science back to its rightful place in the forefront of the global sports ecosystem."

The name for this promotion wasn't disclosed, but plenty of other details were available, including that TKO would serve as managing partner, with UFC President Dana White and WWE President Nick Khan serving in executive leadership positions. This will not come as a major shock to most wrestling fans, as Dave Meltzer of "Wrestling Observer Newsletter" had reported in February that Khan and White were expected in TKO's boxing project.