NEW YORK CITY, New York: TKO Group, the parent company of UFC and WWE, is launching a new boxing promotion in partnership with Saudi Arabia.

The multi-year deal, announced this week, involves the Saudi General Entertainment Authority, led by chairman Turki Alalshikh, and Sela, a subsidiary of the country's Public Investment Fund.

UFC President Dana White and WWE President Nick Khan will oversee the new promotion, with TKO managing day-to-day operations. White dismissed speculation that money was the main motivation behind the deal.

"Everybody's going to say it's the money. I don't do (expletive) anything for the money," White told The Associated Press. "I want to be in business with people that I'm aligned with. We have the same ideas, we have the values. We have the same everything."

The first TKO boxing card is expected in 2026, pending a broadcast rights agreement. While no name has been announced, fighters will have access to UFC Performance Institute facilities in Las Vegas, Mexico City, and Shanghai. TKO will handle production, media, and event promotion for global broadcasts.

"I like taking things that are broken, can't be fixed, and I'm going to fix them," White said.

White made it clear he would retain complete control of the new promotion. "There's no way I would get into something that I couldn't run and control," he said.

Saudi Arabia has made significant investments in global sports, hosting major events such as Formula 1 races, LIV Golf tournaments, and high-profile boxing matches, including Tyson Fury's 2023 victory over Francis Ngannou. The kingdom has also secured the 2034 FIFA World Cup as part of its Vision 2030 plan to modernize its economy and global reputation through sports investments.

Critics accuse Saudi Arabia of "sportswashing"—using high-profile events to improve its international image. Alalshikh, who purchased Ring Magazine in November, continues to expand Saudi Arabia's boxing presence. He is set to stage a high-profile May 2 event in Times Square, featuring Ryan Garcia vs. Rolando "Rolly" Romero, Devin Haney vs. Jose Ramirez, and Teofimo Lopez vs. Arnold Barboza Jr.

White emphasized that the new boxing promotion will not focus on celebrity fights and won't be limited to Saudi Arabia. "I am going to take this thing everywhere," he said. "We are going all over the U.S. We are going to Mexico, Canada, Brazil, Australia, the UK. The list goes on. Just like UFC. You can't build a boxing business without America."