Huge News for Boxing. The Saudis are trying to buy all promotions

Exclusive: Boxing-Saudi wealth fund holding talks to create boxing league, sources say


By Amy-Jo Crowley and Pesha Magid
June 11, 202412:50 PM CDT



LONDON/RIYADH, June 11 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) is in discussions with multiple boxing stakeholders to create a league, potentially reshaping the competitive landscape of the sport, people familiar with the matter told Reuters.
PIF is looking to invest in a joint venture with some of the sport's stakeholders that would feature more boxing bouts, the people said, speaking on condition of anonymity.
A handful of leading promoters including Matchroom Boxing and Golden Boy Promotions are involved in the discussions that could result in a deal valuing the new entity between $4-5 billion, one of the people said. PIF wants to create a venture that would bring the main sport's organisers together, in which it would take a minority stake, the person added.

Turki al-Sheikh, a close advisor to Crown Prince Mohammed bin Salman who has been heavily involved in the sports sector and is chairman of the Saudi General Entertainment Authority, was overseeing the final discussions around a potential deal about a month ago, a second person added.
Reuters could not establish the details around how a league would be structured.
PIF and Matchroom Boxing declined to comment and Golden Boy Promotions did not respond to requests for comment.

Currently the sport is made up of boxing organisations including the World Boxing Council, the International Boxing Federation, the World Boxing Association, and the World Boxing Organisation, which each have their own rules for championship belts.
Saudi Arabia has poured billions of dollars into sport as it seeks to wean the kingdom off of oil dependency under de-facto ruler Crown Prince Mohammed's Vision 2030 program, which aims to bring in tourism, boost the private sector, and create jobs.

Boxing is the latest sport to attract possible investment from the PIF, which is chaired by the crown prince, after deals across golf, Formula 1, and football. The fund has also been considering an investment in a new cycling league, Reuters has reported .
The PIF shook up the world of golf by funding the LIV Golf series, in a move that created a rivalry with the PGA Tour and led to a shock deal to merge the tours that was announced last year.

That deal is now at risk after talks between the PGA and LIV have stalled and as a U.S. senate panel called it an attempt by Saudi Arabia's government to "buy influence" in U.S. sports.
Critics accuse the country of using its sovereign wealth fund to engage in "sportswashing" in the face of heavy criticism of Saudi Arabia's human rights record.
“If sport washing is going to increase my GDP by way of 1%, then I will continue doing sport washing,” the crown prince told Fox News last year.

The kingdom has already hosted some of boxing’s biggest fights and events. "There is big opportunity in boxing" Al-Sheikh told ESPN earlier this year. "But you must improve the market."
SRJ Sports Investments, owned by PIF, bought a stake in the United States' Professional Fighters League in August 2023.
Since then, boxers like heavyweight Tyson Fury have made their way to Riyadh for fights, attended by Cristiano Ronaldo, who joined the kingdom’s soccer league last year.

↪ https://www.reuters.com/s .. source=twitter

+10   

Man fu#k all that. Every big fight will be there

+26   

Fuuuuuck this bullsh1t... Saudi's need to get the fu#k on wit this BS....

+22   

Doubt it. Some fighters might not be able to travel over there.

They do have a big card in LA this August though

+13   

Will this allow fighters to get compensated more?

+6   

Vegas aint letting that happen

+14   

I'd rather the Saudis own everything than the jews

+19   

Nah this OD makes me want to buy a Rivian truck

+7   

the saudis national past time is behe@ding people

+4   

The best would fight the best if this happen. Ain't gone be no more wrong side of the street, take a back seat, take what I give u….nonna dat dumb sh1t

Its been sickening to see alotta fans suckin off promotional companies & bashing fighters who not signed to certain companies. n1ggaz be protectin they fav fighter. Wildest sh1t I ever seen mane lol

+16   

The purses have been beneficial enough that Al, Eddie, Oscar, & Bob have allowed some of their big fighters on the cards.

I can only go off precedence.

+3   

exactly what i thought. everyone will be paid good. then we'd be able to see who's really ducking who.

+7   

The Arab slave trade, a major component of African history, lasted more than 13 centuries

+8   

Racists furious

I don’t see it happening as boxers will feel they will lose leverage to negotiate purses prob but the saudis pay so

It would be great for the sport like ufc is and we’ll get better cards

-3   

Good looking brother. Hopefully these fighters can maximize earning capability
, while putting on fights fans what to see.

I’d rather n1ggas own it

But till then sure

+2   

Why are you against the free market?

-1   

Ok

+1   

That's one way to do it.


I'd rather government bodies regulate it though.

This sports league would still require the involvement of the sanctioning bodies.

+1   

They're the only ones willing to take a loss on big fights.


If they were trying to be profitable, these cards would never have been booked.

When the other guy tried to take leverage away from promoters, create a league, put boxing on every north american channel, and sell that entity to us, y'all called him all type of "shady", "corrupt", etc, etc, etc.

Now when a murdering dictator wants to do it, and move the sh1t completely out of north america so he can would on such realistic fights as Benavidez vs. Crawford in some random place that dgaf, now yall on board?

So of y'all too stupid and don't deserve life.

+4   

I would've thought the Saudi's would've bought out the entire UFC and make it truly a worldwide phenomenon.

+3   

+2   

Unify all belts to one promoter, it’s a monopoly move. At least it’s an option to fight the best against best.

-2   

Nah our generation of Americans need to stop pretending to be successful online and actually gain some skills that are wealth generating!