Saudi wealth fund holding talks to create boxing league, sources say

RIYADH – 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.

Leading promoters, including Matchroom Boxing and Golden Boy Promotions, are involved in the talks that could result in a deal valuing the new entity between US$4 billion and US$5 billion (S$6.8 billion), one of the people said.

PIF wants to create a joint venture that would bring boxing’s main organisers together, in which it would take a minority stake, the person added.

Turki Al-Sheikh, a close adviser 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 reportedly overseeing the final discussions around a potential deal.

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 major ones like the World Boxing Council, the International Boxing Federation, the World Boxing Association, and the World Boxing Organisation, which each has its 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 programme, 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, after deals across football, golf, Formula One, and tennis. The fund has also been considering an investment in a new cycling league.

The PIF shook up the world of golf by funding the LIV Golf breakaway series which started in 2022, in a move that created a rivalry with the PGA Tour and led to a shock deal to merge the tours that was announced in 2023. Follow-up talks have stalled but PGA Tour player negotiator Tiger Woods said on June 11 that the merger has moved closer after a “productive and positive” meeting between both sides.

Moving on to boxing, Saudi Arabia has already hosted some of the biggest fights. The undisputed heavyweight world title fight between Oleksandr Usyk and Tyson Fury, which the Ukrainian won, was held in Riyadh on May 18.

“There is big opportunity in boxing, but you must improve the market,” Al-Sheikh told ESPN earlier in 2024.

PIF-owned SRJ Sports Investments bought a stake in the United States’ Professional Fighters League in 2023. Since then, star boxers have fought in Riyadh, with football star Cristiano Ronaldo, who joined the Saudi Pro League in 2023, in attendance. REUTERS, AFP