UFC and WWE parent Tko Group has, as promised, jumped into boxing, inking a partnership with Saudi Arabia. The deal with He (His Excellency) Turki Alalshikh, chairman of the Saudi General Entertainment Authority, and Sela, the Saudi national entertainment and events conglomerate, will establish a new boxing promotion that will provide a platform for leading boxers and prospects in the sport.

Tko will serve as managing partner, providing day-to-day operational expertise, management and oversight of the promotion, with executive leadership anchored by UFC CEO Dana White and WWE president and Tko board member Nick Khan.

Tko CEO Mark Shapiro called the agreement “a strategic opportunity to reimagine the sport of boxing globally.” He had teased a deal as imminent on an earnings call last week. “Tko has the deep expertise, promotional prowess, and longstanding relationships. He Turki Alalshikh and Sela share our passion and vision for evolving the current model.