Boxing’s new capital? Saudi Arabia channelling Don King legacy

Riyadh: Saudi Arabia’s vast investments are restoring boxing to the glamour and profile it enjoyed during the era of legendary promoter Don King, according to a senior official at one of the sport’s main governing bodies.

“The biggest money is paid here and has been for two years now,” World Boxing Council President Mauricio Sulaiman said in an interview in Riyadh. “The way things are now, it’s like when boxing arrived in Vegas. They are bringing back the Don King era,” Sulaiman added, referring to the promoter behind some of boxing’s biggest names, including Muhammad Ali and George Foreman.

Big fights, big money

Driven by Turki Al Sheikh — a royal court adviser and chairman of the General Entertainment Authority — Saudi Arabia has poured millions into staging blockbuster fights over the past two years. That includes Tyson Fury’s two bouts against Oleksandr Usyk in 2024, with combined prize pots well exceeding $100 million.

The first of those fights — dubbed the Ring of Fire — was hosted at a glitzy event in Riyadh, attended by football superstar Cristiano Ronaldo and rapper Eminem, and generated 1.5 million pay-per-view buys. For comparison, one of Don King’s most iconic promotions, the 1997 rematch between Mike Tyson and Evander Holyfield, drew nearly 2 million pay-per-view purchases.

Sport as strategy

Riyadh’s foray into boxing is part of a broader strategy under Crown Prince Mohammed Bin Salman to position Saudi Arabia as a global sports hub. The push aims to diversify the kingdom’s economy, enhance quality of life and attract tourism.

Saudi Arabia is also backing the creation of a new boxing promotion venture with TKO Group Holdings Inc., the parent company of WWE and the UFC. The kingdom has already shaken up sports like golf and football by luring top talent with lucrative deals and will host major events over the next decade — culminating in the Fifa World Cup 2034.

Future plans with the WBC

Sulaiman was in Riyadh to attend the Riyadh Season WBC Boxing Grand Prix, a multiphase tournament scheduled throughout the year. These events could pave the way for deeper collaboration between Saudi Arabia and the WBC, one of boxing’s four major sanctioning bodies.

According to Sulaiman, the WBC and Saudi authorities are exploring future tournaments in the country, joint international events, and even the construction of a boxing museum. Talks are still in the early stages and outcomes remain uncertain, he said.

Push for unification

The WBC chief expressed hope that Saudi Arabia’s investments could eventually lead to greater unification within boxing — a fragmented sport with multiple titles and promoters — “if it’s correctly handled.”

However, he acknowledged the challenge that promoters elsewhere will struggle to match the prize money on offer in the kingdom. That could force them to cooperate more, boost ticket sales, and explore streaming partnerships to stay competitive. Still, Sulaiman remains optimistic about the future of the sport.