Saudi Arabia's Public Investment Fund is in talks with several major boxing promotions, such as Matchroom Boxing and Golden Boy Promotions, to create a league worth between $4 and $5 billion, Reuters reported.
A source told Reuters, “PIF is looking to invest in a joint venture with some of the sport's stakeholders that would feature more boxing bouts.” PIF has wanted to create a venture that brings the main boxing organizers together and only wants to hold a minority stake.
Turki Alalshikh, Chairman of the Saudi Arabia's General Entertainment Authority, was overseeing the final discussions around a potential deal a few weeks ago.
Saudi Arabia's Public Investment Fund has already invested in golf, Formula 1, and football. Boxing is its new target to attract tourists and investors to the kingdom.