TKO Group Holdings, owners of mixed martial arts' UFC and wrestling's WWE, announced on Wednesday a new boxing promotion with the backing of Saudi Arabia's Turki Alalshikh and entertainment conglomerate Sela.

Turki Alalshikh, the chairman of Saudi Arabia’s General Entertainment Authority, has forged a multi-year boxing promotion partnership with U.S. sports and entertainment conglomerate TKO and Saudi sports marketing company Sela in what is being touted as a landmark deal.

The deal, which is also partnering with the Saudi entertainment and sports firm Sela, will see TKO serve as managing partner, running the day to day operations. UFC President and CEO Dana White and WWE President and TKO board member Nick Khan will anchor the leadership team.