TKO Group, the company that already houses WWE and UFC, is set to step into the ring with a new boxing promotion as part of a business deal with Saudi Arabia. TKO announced Wednesday it entered a multiyear partnership with Turki Alalshikh,

TKO Group Holdings, which owns the UFC and WWE, launches a new boxing promotion backed by investment from Saudi Arabia.

TKO, the parent company of the UFC and WWE, is nearing an agreement with the Saudi Arabian public wealth fund to create a new boxing league.