On September 13, Terence Crawford cemented his legacy as a boxing great with a tough, unanimous decision win over Canelo Álvarez at Las Vegas’ Allegiant Stadium. The event was organized, funded, and promoted by Turki al-Sheikh, chairman of Saudi Arabia’s General Entertainment Authority, and Dana White, president and CEO of the UFC. Their goal was to lay the groundwork for Zuffa Boxing—a company backed by their interests—to become the leading force in professional boxing.
Boxing’s last “golden age” was shaped by HBO Sports. For years, the network consistently delivered the matchups fans wanted to see, treating the sport with a sense of responsibility. HBO understood that if boxing prospered, so would its own programming.
But HBO’s boxing division began to decline after key figures Seth Abraham and Lou DiBella left in 2000. As the network’s influence waned, so did the sport. Boxing shifted away from a self-sustaining model. Instead of covering costs through ticket sales, broadcast fees, pay-per-view buys, and other fight-related revenue, top-level boxing became dependent on deep-pocketed investors willing to lose money.
For example, Waddell & Reed reportedly lost $400 million investing in Premier Boxing Champions (PBC). DAZN has lost an estimated $7 billion since it started, much of it tied to boxing. ESPN supported Top Rank for eight years with substantial annual rights payments but couldn’t turn a profit from the sport, and their deal ended earlier this year. Saudi Arabia’s General Entertainment Authority has also poured vast sums into boxing, despite the program consistently losing money.
In the U.S., most professional sports teams are seen as community assets. Boxing, by contrast, often feels like an afterthought. Showtime followed HBO in exiting the boxing business. Major U.S. promoters are struggling, mid-level ones are fading, and there are doubts about how long PBC—once seen as poised to dominate—can last. Top Rank is now scrambling to secure new, scaled-back broadcasting deals.
Into this void stepped the Saudi General Entertainment Authority and Sheikh Turki al-Sheikh.
In recent years, the GEA has invested heavily in sports. It reshaped professional golf with the LIV tour and has hosted major events in Formula One and MMA. More significantly, Saudi Arabia has been chosen to host the 2034 FIFA World Cup.
Saudi Arabia’s first notable boxing card took place in 2018, when Callum Smith knocked out George Groves and Chris Eubank Jr. stopped JJ McDonagh. The following year, Riyadh Season launched, and the fights grew bigger. Anthony Joshua regained his heavyweight titles in Riyadh by beating Andy Ruiz, though he later lost to Oleksandr Usyk in Jeddah. High-profile bouts featuring Usyk, Joshua, Tyson Fury, Deontay Wilder, and other top heavyweights followed, along with major fights in lighter weight classes.
At the same time, mainstream U.S. media has largely stopped covering boxing seriously, allowing Saudi-backed ventures to control the narrative.
To further that influence, in November 2024, Sheikh purchased Ring Magazine, gaining a platform for his messaging as well as control over the magazine’s championship belts and rankings. Saudi interests have also bought a billion-dollar stake in DAZN, giving them a say in the platform’s boxing content.
Dissenting voices are often silenced. Critics of Saudi boxing…Journalists covering Saudi Arabia’s boxing program have been denied press credentials to report on events. Some websites have altered or removed articles and videos entirely, fearing they might offend Saudi interests. This is the backdrop against which the latest venture in Saudi boxing—Zuffa Boxing—has been introduced.
Let’s examine the key players.
TKO Group Holdings is a sports and entertainment company with a broad portfolio that includes the UFC and World Wrestling Entertainment (WWE).
Sela is a live-events and entertainment company owned by Saudi Arabia’s Public Investment Fund. Its managing director and CEO, Dr. Rakan Alharthy, is an ally of Sheikh Turki al-Sheikh and maintains close ties with Crown Prince Mohammed bin Salman.
On March 5, 2025, a press release announced a multi-year boxing promotional partnership between Sela and TKO, led by Sheikh Turki. TKO president and COO Mark Shapiro called it “a strategic opportunity to reimagine the sport of boxing globally.”
The plan was ambitious: a league featuring 200 of the world’s top male boxers (women were not included) across 12 weight classes. TKO would serve as the managing partner, providing day-to-day operations under the guidance of Dana White and WWE president Nick Khan.
Dana White explained the format to The Ring: “The best fight the best. You work your way up the rankings. Once someone breaks into the top five—and there’s no doubt who the top five are in each weight class—they compete for the title. Whoever holds that belt is the best in the world. It’s a simple model.” Fighters could be replaced as needed to keep the league competitive.
However, there was a problem. Top fighters, along with their promoters and managers, were hesitant to hand over control of their careers to Sheikh Turki and White. As a result, TKO shifted its focus from established stars to promising young talent who would compete for “Ring” belts instead of traditional titles.
On an August 6, 2025 earnings call, Mark Shapiro outlined the plan:
1. The new boxing promotional company, named Zuffa Boxing, is a joint venture between TKO Holdings, the Saudi General Entertainment Authority, and Sela.
2. Zuffa Boxing will promote around 12 league fight cards each year for five years.
3. TKO will also work with Sheikh Turki to promote several super-fights annually, such as Canelo Álvarez vs. Terence Crawford.
4. The league fights and super-fights will operate as separate businesses.
5. TKO has no financial obligation for the fights and will receive a $10 million annual management fee. For each super-fight, TKO will earn additional fees for negotiating media rights, selling hospitality packages, and other services, likely bringing in another $10 million per event.
An inside source revealed that, although not officially stated, Sela owns 60% of Zuffa Boxing, while TKO holds 40%.
Dana White told Vegas PBS, “I will build stars, put on great fights, and then these fighters will graduate and compete under Sheikh Turki.”
Zuffa Boxing is designed to be profitable. Its first event, Canelo-Crawford, was expected to lose tens of millions due to the large purses paid to the fighters. However, a reliable source confirmed that the Saudi Public Investment Fund agreed to cover those losses. It’s worth remembering that the UFC also operated at a loss in its early days before becoming profitable.In its early days, the Canelo-Crawford fight was designed to build the Zuffa Boxing brand, both with the public and with networks and potential sponsors.
At one point, Canelo and Sheikh Turki Alalshikh were at odds. The Sheikh wanted Canelo to commit to fighting Crawford under the Riyadh Season banner in February 2025, stating, “I gave him the offer. If he’s smart, he’ll accept it.”
Canelo declined, responding, “I respect everyone, but I don’t like how he talks. That’s his problem, not mine. I didn’t ask for this fight. They wanted to meet with me about Crawford. I told them, ‘After September 14 [my fight with Edgar Berlanga], we can talk. But not now.’”
Sheikh Turki fired back on X: “I heard what Canelo said—that he respects me but doesn’t like how I do business. Whether he respects me or not doesn’t matter. As for my business style, I know why he doesn’t like it: I aim for big fights at fair prices. Anyone who prefers easy fights wouldn’t like that. And I’m not the one afraid to fight David Benavidez or Crawford.”
Things changed in December 2024 when Richard Schaefer—who built Golden Boy Promotions and Oscar De La Hoya’s wealth before their split—became Canelo’s business manager. Schaefer quickly arranged a meeting between Canelo and the Sheikh to resolve their differences. On February 6, a four-fight deal was announced.
The numbers were huge. A reliable source said Canelo’s pay included his fight purse, a fee as a Riyadh Season ambassador, and other services. Reports that he earned $50 million to fight William Scull in Riyadh on May 3 and $100 million for the Crawford bout were slightly exaggerated. The same was believed true of Crawford’s reported $50 million purse. Still, the Sheikh was right to call it “the most expensive boxing contract ever.”
Then came a setback. The Canelo-Scull fight underperformed. Attendance was low, pay-per-view sales were poor, and the match itself was dull. Canelo won by unanimous decision and later said, “He just came to survive. I hate fights like that—when a boxer isn’t trying to win.”
But the foundation for bigger things was set. Right after the bout, Sheikh Turki announced that Canelo-Crawford would be TKO’s first official boxing event.
Not everything was settled, though, and a period of confusion followed.
Canelo prefers to fight on the Saturday of Mexican Independence Day weekend, which fell on September 13 this year. But the UFC had an event—Noche UFC: Lopes vs. Silva—scheduled for that date. Dana White wanted Canelo-Crawford at Allegiant Stadium in Las Vegas on September 12 instead. This upset Canelo, who said he wouldn’t take a back seat to anyone on that weekend.
Complicating matters, the UNLV football team had a home game against Idaho State scheduled for September 13 at Allegiant Stadium.
Sheikh Turki sided with Canelo. On May 18, he told The Ring that (1) the fight would be on September 13, not the 12th; (2) it would be promoted by Sela for Riyadh Season, not TKO; and (3) the venue would move from Allegiant Stadium to Los Angeles, New York, or another Las Vegas location. He also confirmed the fight would air on DAZN PPV, not Netflix as some had speculated.
Eventually, things were resolved.
Properly compensated, UNLV and Idaho State agreed to reschedule their game as the season opener on August 23. A reliable source said UNLV received $1.75 million and Idaho State got $1.5 million for the change. The UFC’s Noche UFC: Lopes vs. Silva event was also adjusted.The event was moved up by several hours to avoid conflicting with the Canelo-Crawford fight. On June 8, Sheikh announced, “My brother Dana will promote Canelo-Crawford. It’s the main event of Riyadh Season, and we have a deal with TKO to promote it. This will be the biggest fight in boxing.” Two days later, Sheikh confirmed the event would stream on Netflix.
Terence Crawford’s career-defining win over Canelo Álvarez was a victory of substance over style.
White quickly put his stamp on the promotion. One of his first moves was to appoint UFC lead commentator Jon Anik—who hadn’t called a boxing match since 2008—as the blow-by-blow commentator. Sheikh had previously favored Jim Lampley.
The marketing push for the fight was extensive, but there were some issues.
For 16 years, Canelo’s fights had aired for free on Mexican television. However, the promotion sold global rights to Netflix, which wanted the fight to be exclusive to its platform in Mexico. At first, Canelo insisted, “If it’s not on free TV in Mexico, I won’t fight.” He eventually gave in.
A planned BoxRaw Sparring Club event in Las Vegas, in partnership with The Ring, was canceled after Nevada Athletic Commission executive director Jeff Mullen made it clear that the “sparring” session would face much stricter regulations in Las Vegas than a similar BoxRaw event had in New York on July 11.
An unnamed NSAC official told journalist Lance Pugmire, “We’re not allowing what happened in New York. These are fights, not sparring. They would require all our safety protocols to be in place.”
The Fontainebleau paid a generous site fee to be the official fight week hotel. There were no discounted room rates for the media, who were spread out across various hotels in Las Vegas. There was also no dedicated on-site media center or transportation provided for reporters to attend events like the final pre-fight press conference, ceremonial weigh-in (both held at T-Mobile Arena), or the fight itself.
On Monday, social media lit up when Dana White said he would bar WBC president Mauricio Sulaiman from entering the ring after the fight to present the championship belt to the winner. Sulaiman responded, “You better have two or three security guards ready to stop me, because I will enter that ring to place the belt on the winner.” Sulaiman did not appear in the ring after the fight.
“Dana is running this like a UFC event,” noted one major insider. “He’s controlling every aspect of the promotion and imposing his will on everything that matters to him.”
There were times when Canelo pushed back. He refused to attend a media day event on Wednesday. UFC fighters don’t skip media days. With Canelo absent, neither Sheikh nor White showed up either, and the session was poorly attended.
Crawford showed up as scheduled and answered questions for 13 minutes. When asked about UFC lightweight champion Ilia Topuria’s claim that he would knock Crawford out in the first round if they boxed, Terence replied, “A lot of the UFC guys drink a lot. I don’t pay attention to what they say.”
Both Canelo and Crawford later skipped a previously scheduled open workout.
The final pre-fight press conference took place at 6 p.m. on Thursday. Despite White’s dislike for boxing sanctioning bodies, Canelo displayed his six championship belts—including his Ring belt—on the table in front of him. Sheikh spoke briefly, ending his remarks with, “I want to see blood on Saturday. Smashing faces.”
There were moments when the tension between Sheikh and White was noticeable—two strong personalities, each used to being in full control.During the Netflix broadcast, commentator Max Kellerman called Dana White “the greatest combat sports promoter in my lifetime” and gave similar high praise to Nick Khan and Turki Al-Sheikh for “fixing” boxing, which he said had become less popular over time.
Canelo, who lives by the phrase “boxing is life,” grew visibly frustrated. He eventually cut in: “Hey, Max. Boxing has always been big. Don’t say it’s not big enough. Boxing is big. I respect the UFC, but boxing is boxing.” Terence Crawford agreed, adding, “No lies.”
Tickets for the fight went on sale on July 17 and were listed on Ticketmaster the next day for between $315 and $12,835, sparking talk of huge demand. But by the Thursday of fight week, resale prices had dropped sharply, in some cases to less than half the original cost. On fight night, Allegiant Stadium was nearly full, with an announced attendance of 70,482—the second-largest crowd ever for an indoor boxing match in the U.S.
The crowd, as expected, strongly supported Canelo. In an unusual move, no national anthems were played, which upset Canelo, especially since the fight fell on Mexican Independence Day weekend.
Crawford fought well; Canelo did not. The judges’ scores—116-112, 115-113, and 115-113, all for Crawford—were accurate.
The win confirmed Crawford’s status as a great fighter, but it may be harder for promoters to monetize his success compared to Canelo’s. Notably, neither White nor Al-Sheikh attended the post-fight press conference.
The Canelo-Crawford fight was also a key step in building the Zuffa Boxing brand. Traditional U.S. promoters have been struggling. Earlier this year, Dana White said, “I think boxing is so broken it needs to be rebuilt from the ground up.”
Jake Paul has shown there’s a market for boxing. If his scheduled November 14 fight with Gervonta Davis goes ahead, he will have fought three times in 12 months—the first two against Mike Tyson and Julio Cesar Chavez Jr. Those fights are expected to draw more viewers and, aside from Canelo, Paul will have earned more than any other boxer during that period. For better or worse, he’s proven that a fighter doesn’t need to be world-class to be a major draw.
Zuffa Boxing may promote two or three major events with top fighters each year. Like the UFC, its focus will be on building and marketing a brand rather than necessarily having the absolute best fighters. The UFC itself may not feature the world’s best MMA fighters—there could be many better athletes outside the organization, but they aren’t widely known.
Zuffa Boxing aims to reset the market using a formula similar to the UFC’s. What it needs now is a broadcast deal to monetize the venture. TKO’s other major properties, WWE and UFC, recently signed large network agreements.
On August 6, TKO and ESPN announced a deal making ESPN platforms the exclusive U.S. home for WrestleMania, SummerSlam, Royal Rumble, and other WWE premium events starting next year. Five days later, TKO and Paramount revealed that, beginning in 2026, Paramount will be the exclusive U.S. broadcaster for all UFC events under a seven-year contract averaging $1.1 billion per year. Paramount will stream all 13 of UFC’s numbered events and 30 Fight Nights annually on Paramount+, with some numbered events also airing on CBS.
Reports suggest Paramount and TKO are close to a deal to broadcast and stream Zuffa Boxing on one or more Paramount platforms.Fights and Ring Magazine events will continue on a separate path, independent of the league, and will be broadcast on DAZN and other platforms. The Canelo-Crawford fight may have been the final push needed to secure a network deal for Zuffa Boxing. The viewership numbers on Netflix fell well short of the Tyson-Paul fight, which reached a peak of 60 million households and over 108 million viewers worldwide. According to a Netflix post on September 15, Canelo-Crawford drew a total of 41 million global viewers—still a significant audience.
Earlier this year, Sheikh stated on X, “This league is not a project against anyone. It will find its place in the market, and we will still see the four belts, commissions, and promoters. The market is huge, and no one can be pushed out. I understand the concern because there are many companies and promoters involved. The relationship between Riyadh Season, Ring Magazine, and promoters will continue for at least one or two years, depending on their reactions and the options they offer. If it benefits us, we will proceed.”
However, the “one or two years” timeline sends a concerning message. Dana White has expressed no interest in Zuffa Boxing collaborating with global sanctioning bodies or other promoters. While Sheikh has positioned himself as boxing’s savior, he now seems focused on controlling the sport and, understandably, making money in the process.
This raises the question of whether Zuffa Boxing will be good for fighters in the long term. The UFC currently pays fighters 17–20% of its revenue, compared to 50% for players in the NFL and NBA. In elite boxing, fighters often receive around 80%. Additionally, the UFC recently settled a $375 million antitrust lawsuit brought by fighters who claimed the company exploited them illegally—hardly a sign of prioritizing athletes.
An early draft of a fighter contract (now described by a Sheikh representative as preliminary) circulated in March included terms that were not fighter-friendly. Signees would receive $5,000 within three days but had to commit to a three-year term after their first fight or, if no fight occurred, for two years after signing. Fighters were guaranteed at least one bout every five months starting with their first fight, with Zuffa Boxing making a “good-faith effort” to offer up to four fights in the first year. Purses would range from $20,000 for an unranked fighter in a ten-round bout to $750,000 for a champion defending a title.
This proposal clearly violates the Professional Boxer Health and Safety Act and the Muhammad Ali Boxing Reform Act (collectively known as the Ali Act). To address this, Zuffa Boxing’s backers hired lobbyists to push for amendments to the act in Congress. Donald Trump has signaled his support, and the legislation is likely to pass.
A UFC spokesperson told ESPN that the changes aim to “enhance” the Ali Act by giving fighters “more opportunities.” In reality, the proposed amendments would remove several protections currently in place for fighters. While the Ali Act is rarely enforced by the government, it still influences promoter behavior and can be a useful tool in private lawsuits.
Patrick English, an attorney with extensive experience in boxing, has been deeply involved in these matters.The proposed Professional Boxer Health and Safety Act betrays fighters. Its clear intent is to favor a single promotional entity—Zuffa and its affiliates—whose lobbyists largely drafted the bill.
The amendments would create “unified boxing organizations” (UBOs), described as an alternative way to comply with the Act. Thanks to its size and structure, Zuffa Boxing could qualify as a UBO, while most other promoters could not.
The Muhammad Ali Act was designed to separate the roles of ratings organizations, managers, and promoters. These changes would break down that separation, allowing Zuffa Boxing to act as a sanctioning body, manager, and promoter all at once.
The original Act requires promoters to disclose financial details to fighters and athletic commissions. Under the new rules, fighters would no longer see how much money promoters make from their bouts.
The amendments also remove protections against coercive contracts and let UBOs control championships and rankings. Under Zuffa’s draft contract, fighter pay is tied directly to titles and rankings. UBOs could also bar boxers who haven’t signed long-term deals from their events.
On drug testing: The proposed changes are a sham. A UBO could run its own PED-testing program and choose to share results only with itself. As one observer noted, the risk of hiding results is obvious. Compare that to the UFC’s in-house testing—how many fights have been canceled or overturned due to positive PED tests?
There are a few positives in the bill, but they’re minor. It mandates a minimum of $150 per round for all fighters and requires $25,000 in medical coverage for fight-related injuries. But $25,000 is nowhere near enough for serious harm. For context, New York State requires up to $1 million in coverage for life-threatening brain injuries.
If Saudi backers were to pull out of boxing, traditional market forces could return. But if these amendments pass, they would reshape boxing for years to come.
Without these changes, the Saudi boxing program might struggle. Reports suggest it’s already facing cash flow problems. Some high-level figures who attended the Canelo-Crawford fight week in Las Vegas were there not for the bout, but to collect past payments—and left still owed money.
Still, the program’s financier deserves credit for supporting major heavyweight fights and significant bouts in lighter divisions.Major fights like the title unification between Arthur Beterbiev and Dmitry Bivol have generated huge profits for a select few fighters and promoters. However, this could shift if Zuffa Boxing’s growing influence pushes competing promoters to the margins or out of business entirely.
This brings to mind what Canelo Álvarez said in a recent interview with The Ring: “The next generation of boxers needs to learn to manage themselves and secure their earnings. It’s not worth risking your life in the ring for nothing. Too many great fighters have ended up broke because they only focused on throwing punches.”
Thomas Hauser’s email is thomashauserwriter@gmail.com. His latest book, The Most Honest Sport: Two More Years Inside Boxing, is available now. In 2019, Hauser received boxing’s highest honor—induction into the International Boxing Hall of Fame.
Frequently Asked Questions
Of course Here is a list of FAQs about the article Inside the Canelo vs Crawford Fight and Saudi Arabias TKO Strategy to Rule Boxing Thomas Hauser
General Beginner Questions
Q Who is Thomas Hauser
A He is a highly respected and awardwinning boxing writer and journalist known for his deep analysis of the sports politics and business
Q What is the main topic of this article
A It analyzes two major stories in boxing the potential superfight between Canelo Álvarez and Terence Crawford and Saudi Arabias aggressive entry into the sport as a major financial power
Q What does TKO Strategy mean in the title
A Its a boxing pun A TKO is a Technical Knockout Here it means Saudi Arabias strategic plan to quickly dominate and take control of the boxing world through its vast financial resources
Q Why is a Canelo vs Crawford fight such a big deal
A Its a rare superfight between two fighters widely considered the best in their respective weight classes It would be a major crossover event
Advanced Strategic Questions
Q What is Saudi Arabias actual strategy in boxing according to Hauser
A To use its sovereign wealth fund to host megafights sign top fighters to lucrative deals and essentially become the new central hub and power broker for the sport bypassing traditional promoters
Q How does sportswashing play a role in this analysis
A Hauser likely discusses how Saudi Arabias investment in highprofile sporting events like boxing is seen by critics as an attempt to improve its international reputation and divert attention from its human rights record
Q What are the potential downsides of Saudi Arabias dominance in boxing
A It could centralize power away from athletic commissions with strong safety standards sideline traditional promoters and networks and make the sport dependent on the political and economic whims of a single foreign government
Q What are the major obstacles to making the Canelo vs Crawford fight happen
