UFC's Dana White, Turki Alalshikh partner for new boxing promotion under TKO umbrella

Dana White has long voiced ambitions about making a major move into the boxing world. Now, underneath the TKO banner, he has finally entered the pugilistic space.

Turki Alalshikh, TKO Group Holdings — the parent company of WWE and UFC — and Saudi Arabia's Sela on Wednesday announced a multi-year partnership to establish a new boxing promotion. TKO will be "providing day-to-day operational expertise, management, and oversight of the promotion," with UFC CEO White and WWE president Nick Khan leading the charge.

According to Wednesday's announcement, the promotion will feature "a highly structured system to develop new talent from around the world," as well as access for all boxers to the UFC Performance Institutes in Las Vegas, Mexico City and Shanghai, and "TKO’s production, media, and promotional expertise."

TKO COO Mark Shapiro first revealed in February that talks were underway to create a boxing league in partnership with Alalshikh.

"Everybody knows we're in talks with the Saudis," Shapiro said. "But to give you a little more color, I will tell you that we are close on an agreement with the Saudis on the creation of a boxing league where we, TKO, would be the producer, the promoter, and responsible for all day-to-day operations of the venture, whereby we would receive a fee of $10 million-plus."

White detailed to Alalshikh's Ring Magazine on Wednesday how the new boxing league will work, drawing similarities to the UFC's structure.

"Everybody knows the format — the best fight the best," White said. "You work your way up the rankings, and once somebody breaks into the top five [and] there is no question [about] who the best five guys are in each weight class, they fight it out. And once somebody holds that belt, you don't need three letters in front of the belt. Whoever has that belt is the best in the world in that weight class. It's a very simple model."

Boxing has long been criticized for it's four-belt system, wherein four different fighters could theoretically have a legitimate claim to being the best in the division. Alongside this, the sport has often failed to make the best fights at the right time, with the most famous example being the Floyd Mayweather vs. Manny Pacquiao mega-fight, which many believe happened much later than it should've.

Things have started to shift with Alalshikh's involvement in the sport. In the past 12 months, boxing has seen an increase in the best fighting the best on Alalshikh's Riyadh Season shows.

“This landmark partnership between industry powerhouses sets the stage for an unparalleled experience for boxers and fans," Alalshikh said in a statement. "Together, we are developing the next generation of talent and delivering world-class events at a time when the sport is primed for further disruption.”