Saudi Arabia’s Public Investment Fund (PIF) is in talks with boxing stakeholders about creating a league, in a potentially game-changing move for the sport, people familiar with the matter told Reuters.
The PIF is considering investing in a joint venture with boxing interests to host more matches, the people said, asking not to be identified discussing the matter.
A handful of major promoters, including Matchroom Boxing and Golden Boy Promotions, are involved in talks and the new company could be valued at $4 billion to $5 billion, one of the people said.
PIF wants to set up a venture bringing together major sports organisers and will take a minority stake, the people added.
Turki Al-Sheikh, a close aide to Crown Prince Mohammed bin Salman with extensive ties to sports and who serves as chairman of the Saudi General Entertainment Authority, oversaw final talks on a potential deal about a month ago, the second person added.
Reuters was unable to provide details about how the league would be structured.
PIF and Matchroom Boxing declined to comment, while Golden Boy Promotions did not respond to requests for comment.
Currently, boxing is made up of several boxing organizations, including the World Boxing Council, the International Boxing Federation, the World Boxing Association, and the World Boxing Organization, each of which has its own rules regarding championship belts.
Saudi Arabia is pouring billions of dollars into sports under de facto ruler Crown Prince Mohammed’s Vision 2030 plan to attract tourism, boost the private sector and create jobs while weaning the kingdom off its reliance on oil.
Boxing is the latest sport to attract potential investment from the PIF, which is chaired by the crown prince, following golf, Formula 1 and football.
According to Reuters, the fund is also considering investing in new cycling leagues.
PIF shocked the golf world by funding the LIV Golf Series, which created a rivalry with the PGA Tour and led to a shock deal announced last year to merge the two tours.
The deal is now in jeopardy after talks between the PGA and LIV stalled and a US Senate committee said it was an attempt by the Saudi Arabian government to “buy influence” in US sports.
Critics have faced harsh criticism over Saudi Arabia’s human rights record and have accused the country of using its sovereign wealth fund to engage in “sportswashing”.
“If sportswashing increases GDP by 1 percent, then I’m going to continue sportswashing,” the crown prince told Fox News last year.
The Kingdom has already hosted some of boxing’s biggest fights and events.
“Boxing has a huge opportunity,” Al-Sheikh told ESPN earlier this year, “but the market has to improve.”
PIF-owned SRJ Sports Investments bought a stake in the US Professional Fighters League in August 2023.
Since then, boxers such as heavyweight Tyson Fury have visited Riyadh to fight, as well as Cristiano Ronaldo, who joined the country’s soccer league last year, to watch games.
