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Saudi Arabia partners with UFC + WWE parent on new boxing venture: PIF’s entertainment and investments arm Sela, Saudi General Entertainment Authority Chairman Turki Al Alshikh, and US-based media conglomerate TKO Group Holdings signed a multi-year partnership to launch a new boxing venture that will serve as a platform for top boxers and emerging talent, according to a press release. TKO Group owns the UFC and WWE.
The details: The promoter is set to host its first event within the next year, Bloomberg said. TKO will oversee day-to-day operations and athlete development, including access to training, performance research, and rehabilitation through its UFC Performance Institute locations in Las Vegas, Mexico City, and Shanghai. Meanwhile, Sela will focus on promoting and delivering major boxing events.
Some challenges ahead? The organization could find it difficult to attract top talent as most athletes are already under exclusive contracts with major promoters, UFC President and CEO Dana White told the business information service.
SURJ EYES ATHLETICS INVESTMENT-
SURJ Sports Investments is reportedly considering investing in a new entity that World Athletics is looking to set up to manage athletics’ commercial rights, Reuters reports, citing people it said are familiar with the matter. SURJ — PIF’s sports investment arm — is reportedly in talks to acquire a piece of this company, which could be valued at USD 636 mn (GBP 500 mn). World Athletics is a Monaco-based international governing body for athletics, including track and field, cross country running, race walking, and other similar sports.
The details: World Athletics has received interest from organizations and financial institutions regarding partnerships, a spokesperson for the organization confirmed to Reuters, but declined to comment on SURJ’s involvement. Funds raised would help World Athletics expand the commercial side of the sport, including launching new events. The move comes as World Athletics seeks to “stay relevant” among new fans.
IN CONTEXT- The Kingdom’s sports sector contributed USD 6.9 bn to the Kingdom’s GDP in 2023 and is expected to add USD 16.5 bn annually (1.5% of GDP) by 2030, according to a report by Surj in December. SURJ Sports Investment picked up a minority stake in sports streaming service Dazn Group, last month, reports put the investment ticket at USD 1 bn.
