Saudi Arabia’s Public Investment Fund (PIF) is engaged in discussions with various stakeholders in the boxing world to establish a new league, which could significantly alter the sport’s competitive landscape, according to sources familiar with the matter.
Leading boxing promoters, such as Matchroom Boxing and Golden Boy Promotions, are part of these negotiations. The potential deal could value the new league entity between $4 billion and $5 billion, one source indicated.
The PIF aims to create a joint venture that would consolidate the main boxing organizers, with the fund taking a minority stake, the source added.
Turki Al-Sheikh, a close adviser to Crown Prince Mohammed bin Salman and chairman of the Saudi General Entertainment Authority, is reportedly overseeing the final stages of these discussions.
Reuters has not yet confirmed how the league would be structured. Both PIF and Matchroom Boxing declined to comment, while Golden Boy Promotions did not respond to requests for comment.
Currently, boxing is organized by several major bodies, including the World Boxing Council, the International Boxing Federation, the World Boxing Association, and the World Boxing Organization, each with its own set of rules for championship belts.
Saudi Arabia has invested billions in sports to reduce its dependence on oil under Crown Prince Mohammed’s Vision 2030 program, which aims to diversify the economy, promote tourism, enhance the private sector, and create jobs.
Boxing is the latest sport to attract potential investment from the PIF, following previous investments in football, golf, Formula One, and tennis. The fund has also been considering backing a new cycling league.
The PIF made headlines in the golf world by funding the LIV Golf series in 2022, which led to a rivalry with the PGA Tour and eventually a merger announcement in 2023. Although follow-up discussions have been slow, PGA Tour player negotiator Tiger Woods mentioned on June 11 that progress has been made after a “productive and positive” meeting.
Saudi Arabia has already hosted some of boxing’s major events, including the heavyweight title fight between Oleksandr Usyk and Tyson Fury in Riyadh on May 18, where Fury emerged victorious.
“There is significant potential in boxing, but the market needs development,” Al-Sheikh told ESPN earlier this year.
In 2023, PIF-owned SRJ Sports Investments acquired a stake in the United States’ Professional Fighters League. Since then, high-profile boxing matches have taken place in Riyadh, attended by notable figures like football star Cristiano Ronaldo, who joined the Saudi Pro League in 2023.
