Boxing
Does the boxing industry really understand who TKO / Zuffa Boxing is?
Published
8 months agoon
Ask anyone in boxing who is behind Zuffa Boxing and you will get the same answer: Dana White.
They’re not wrong. White is the face, voice and force of personality that drives the promotion’s entry into sports. But if that’s where your understanding ends, you’re missing the story entirely.
Because behind Dana White lies the most powerful corporate infrastructure ever created in the history of combat sports. TKO Group Holdings is not a promotion. It’s a publicly traded multi-billion dollar sports and entertainment conglomerate that has just decided that boxing will be its next growth industry. On the other side of the venture is Turki Alalshikh, a man who has already changed the economics of the sport during the Riyad season and is now the co-founder of Zuffa Boxing.
The people who run this are not just fighting people. They are among the most powerful operators in the global entertainment and sports finance market.
Numbers that should catch your attention
TKO Group Holdings just released its full-year 2025 results on February 25, 2026. The numbers say it all about the scale of what boxing is currently dealing with.
Full-year 2025 revenue: $4.735 billion. Net income: $546.2 million. Adjusted EBITDA: $1.585 billion, up 47% year-over-year. Free cash flow: $1.159 billion. Here’s the forward-looking number – projected 2026 revenues of $5.675-5.775 billion, with EBITDA expected to grow another 41-44%.
For context, these numbers dwarf everything else in boxing combined. TKO operates in over 210 countries and territories, hosts over 500 live events annually and reaches over one billion households worldwide. In 2025 alone, the company returned more than $1.3 billion to shareholders through buybacks and dividends, and it just announced plans for another $1 billion in stock buybacks starting this month.
This is an entity that now has a boxing promotion.
Boxing doesn’t know the best players
The boxing industry reduces TKOs to one name. But the actual leadership structure goes much deeper.
Ari Emanuel, CEO of TKO Group Holdings. Emanuel is the co-founder of Endeavor, one of the most influential figures in Hollywood and global entertainment, and the man at the top of an empire that now includes UFC, WWE, IMG, On Location, Professional Bull Riders and Zuffa Boxing. He’s not a boxer. He built a holding that treats combat sports as part of a much larger entertainment portfolio.
Mark Shapiro, president and chief operating officer. Shapiro is a strategic architect. He is the executive director of the earnings call and explains how Zuffa Boxing fits into TKO’s broader growth strategy, how the company earns $10 million in management fees just for serving as managing partner of the boxing joint venture, and how each promoted superfight is expected to bring in an average of $10 million. It was Shapiro who called boxing “a strategic opportunity to globally rethink the sport.” When you hear these words from the CEO of a $5 billion company, it’s not an advertisement. It’s a business plan.
Nick Khan, WWE president and TKO board member. The boxers really lack a plot here. Most know Khan, if they know him at all, as “the WWE guy.” What they don’t know is that Khan was negotiating a media rights deal with Top Rank before joining WWE. He has deep relationships throughout the boxing community and is formally listed as one of the executive leaders anchoring Zuffa Boxing alongside White. Khan understands the boxing business from the inside and brings expertise in media rights negotiations that has already changed the way the UFC and WWE monetize their content.
Turki Alalshikh, chairman of the Saudi General Entertainment Authority. Alalshikh is the co-founder of Zuffa Boxing, and his role in this endeavor – and in the broader transformation of boxing’s economics – is significant enough to merit a separate discussion. For the purposes of this article, you should know that Zuffa Boxing is a formal joint venture between TKO and Sela, a Saudi entertainment conglomerate backed by Alalshikh-based GEA. He is not a quiet investor. He is the driving force. We will have much more to say about Turki’s influence on sports in an upcoming article.
The infrastructure no one talks about
In addition to the management team, TKO has created a team with earnest boxing credentials.
Tomek Loefflerpresident of 360 Promotions, actually built this thing on the ground. Loeffler has promoted multiple cards on UFC Fight Pass, groomed Callum Walsh ahead of the Zuffa Boxing launch and has credits that include the Klitschko brothers and Gennady Golovkin. White called him “the best matchmaker in boxing.” His 360 Promotions stable is the backbone of Zuffa’s lineup.
Mark Ratner he served as executive director of the Nevada State Athletic Commission from 1992 to 2006 and is a member of the International Boxing Hall of Fame. Since 2006, he has been UFC’s vice president of regulatory affairs. Ratner was the one who appeared before the Nevada commission to secure the TKO promoter’s license and laid out the plan: 12 to 15 fights in 2026, most in Las Vegas, building fighters from the ground up.
In addition, there is media and production infrastructure. TKO scored IMG — one of the world’s leading sports marketing agencies — i On sitethe global leader in premium experience-based hospitality, in a $3.25 billion transaction that closed in February 2025. IMG is handling media rights negotiations. On Location provides premium event support. They both now serve Zuffa Boxing along with everything else TKO does.
The broadcast team performs Joe Tessitore on a play-by-play basis with Max Kellerman AND Andre Ward as analysts. Rian Scaliaformerly ProBox TV, is also part of the matchmaking operation.
And distribution? Media rights deal with Paramount Skydance includes Zuffa Boxing Most essential+ with simulations enabled CBS — Guaranteed 12 events per year, of which up to 16 planned for 2026, including international cards and up to four super fights in tents per year. A full summary of Zuffa Boxing’s action plan for 2026 can be found in our report: “Zuffa Boxing plans up to 16 events in 2026 as part of global expansion.”
What does this mean for boxing
However, this does not mean that the rest of boxing will be forgotten. Not at all.
Eddie Hearn and Matchroom are not closing up shop. PBC continues to perform at the highest level. Top Rank has been in business for over 50 years and has weathered every seismic shock that sports has thrown at it. Frank Warren and Queensberry remain a force in the UK and beyond – although we have written about it “Zuffa Boxing Outflanked British Boxing” the competitive landscape is already changing. Boxing has always been resilient, and the promoters who kept the sport alive in its darkest moments deserve huge respect for what they have built.
But what’s happening now is something really modern. For the first time in boxing history, a company with the infrastructure, capital, media expertise and production capacity of the largest professional sports league decided that boxing was worth the entire investment. As we checked in “League vs. Stable: Boxing’s Great Architectural Change” The NFL has its own league office. The NBA has its own corporate structure. Boxing, for all its greatness, has always been a collection of independent operators working contract by contract, fight by fight.
The TKO represents something different. Neither better nor worse – different. This is the emergence of institutional-level infrastructure in sports that has never existed before. It could be argued that this is the ultimate validation of boxing’s value. A company with revenues of around $6 billion doesn’t get involved in a sport it doesn’t believe in.
Real question
Dana White could face Eddie Hearn or Oscar De La Hoya on his own in a solo “Dana White Promotions” fight. But that’s not what’s happening here. What’s happening is all of the above – every name, every division, every dollar mentioned in this article – working together under one roof.
Good luck.
The question is not whether boxing will survive a TKO. Of course. Boxing will always survive. The question is whether the people involved in the sport understand what they just walked through the door and whether they are ready for what comes next.
Because if all you see is Dana White, you’re not looking demanding enough.
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Boxing
Riku Masuda vs Seiya Tsutsumi Rematch Highlights November 29th Title Tripleheader in Tokyo
Published
3 hours agoon
October 14, 2026
Japan’s traditional year-end title bonanza appears to be underway, as U-Next announced a trio of championship bouts on November 29th at Tokyo’s venerable Ryogoku Kokugikan.
Leading the way is some variety of WBA bantamweight title rematch between “world” champion Riku Masuda (11-1, 9 KO) and former titlist Seiya Tsutsumi (13-0-3, 8 KO), who beat Masuda by unanimous decision when both were on the rise in 2023. The timeline here is, as best as I can tell:
And now, here we are. Tsutsumi, who by all rights should be owed a shot at Rodriguez, fights for a crappier version of the belt he never lost in the ring.
On the bright side, odds are we’re in for a treat. Two aggressive finishers with history between them should make for fireworks.
Three pounds south, multi-weight champion Kenshiro Teraji (26-2, 16 KO) makes his first super flyweight title defense against no. 10 contender Jassiel Ramon Amador Gamez (15-0-1, 13 KO). The 25-year-old Amador fights for the first time outside his native Mexico and for just the second time outside his home state of Baja California Sur; his strength of schedule is about what you’d expect, but unheralded Mexican knockout artists cause stirs on the regular and Teraji’s lost a step, so who knows.
Also at 115, WBA champ David Jimenez (18-1, 12 KO) faces former flyweight titlist Seigo Yuri Akui (23-3-1, 13 KO), whom you may remember from his Fight of the Year candidate against Teraji last year. There’s some f***ery at play here; the sanctioning body ordered Jimenez to rematch mandatory challenger John “Scrappy” Ramirez, only to turn around and grant Jimenez a “special permit” for this voluntary defenseclaiming it “has the authority to modify mandatory defense deadlines and grant special permits under justified circumstances.”
At no point in the press release does it say what those “justified circumstances” are. It claims that the winner must fight Ramirez within 120 days, but note their purported authority to “modify mandatory defense deadlines.”
Boxing
Dana Whites 2026 Promotion of WBC After Rejecting Boxing Bodies in 2025
Published
7 hours agoon
October 14, 2026
Dana White is making Zuffa Boxing U-turns left, right and center, with the promotion now openly advertising a WBC world champion after previously refusing to work with boxing’s established sanctioning bodies or even name their titles.
World Boxing News has followed White’s changing position since he outlined plans to replace the traditional championship structure with Zuffa’s own belts.
The latest development came with the signing of Carlos Adames, who was proudly introduced as the “WBC World Middleweight Champion.”
For most boxing promoters, that would be perfectly normal. For Zuffa, it represents another significant change in direction.
The First Zuffa U-Turn
White originally declared he had no interest in working with the WBA, WBC, IBF or WBO.
In February 2026, he reinforced that position, insisting he would do his own thing rather than conduct business with the sanctioning bodies.
Zuffa then crowned its first champion in March when Jai Opetaia defeated Brandon Glanton for the inaugural cruiserweight belt.
However, White subsequently softened his stance, confirming that Zuffa could work with established organizations on a case-by-case basis.
By August, Zuffa Boxing 10 in Dublin featured Aaron McKenna winning the vacant IBF middleweight title.
White’s original refusal had already become a compromise.
Now Zuffa Names the WBC
The second U-turn is even more interesting because WBN documented Zuffa’s reluctance to identify established world titles throughout August.
When Noel Mikaelian was announced as Opetaia’s opponent, Zuffa described the reigning WBC cruiserweight champion simply as a “two-time world champion.”
The promotion also avoided naming the IBF in McKenna’s title fight announcement, while Ryan Garcia vs Conor Benn was promoted around a world championship without identifying the WBC.
The analysis was that Zuffa could gradually build recognition for its own championship by describing every titleholder simply as a world champion, without emphasizing which organization awarded the belt.

Now, just two months later, Zuffa is prominently displaying the WBC name alongside Adames.
When questioned about the change, White said it was not a matter of “having or not having a relationship” with the organization, before shifting his attention to Zuffa’s middleweight division.
That is a considerable departure from the original message.
The Business Model Changes
There are also signs that Zuffa’s wider business strategy is moving closer to conventional boxing promotion.
Zuffa has signed Adames and WBO middleweight champion Denzel Bentley, while allowing fighters to compete for traditional championships.
Those developments suggest a more flexible approach than the original vision of operating independently of boxing’s established organizations, although Zuffa has not abandoned its own championship structure.
White’s Next Move
White is entitled to change his approach, particularly if it helps Zuffa secure bigger fights and stronger signings.
However, the contrast with his original position is becoming increasingly stark.
First, Zuffa would not work with sanctioning bodies. Then it would consider them case by case. Now it is openly using the WBC name to promote a world champion.
The changes also put the value of Zuffa’s newly created belts under scrutiny compared with established world championships that have decades of history and recognition.
Nothing confirms that White intends to abandon his own championship system, but the repeated changes suggest his original hard-line approach has become increasingly difficult to maintain.
For a promotion that arrived promising to do things differently, Zuffa is beginning to look remarkably familiar.
About the Author
Phil Jay is the Editor-in-Chief of World Boxing News (WBN), a BWAA-acknowledged boxing news website founded in 2010. A veteran boxing reporter with 16 years of experience, he has interviewed world champions, broken international exclusives, and reported ringside from major events. His work is published worldwide through WBN and distributed on platforms including Apple News.
Read Phil Jay’s full bio and latest stories.
Boxing
Dana White Rejects November 28 Date for Shakur vs. Haney Fight
Published
17 hours agoon
October 13, 2026
Dana White quickly shut down rumors about Shakur Stevenson meeting Devin Haney on November 28 in Atlanta. Anyone expecting an immediate fight reveal took a hit after White addressed the situation following the Contender Series. When reporters pressed him on the proposed Thanksgiving weekend date, he gave them very little to work with.
“If it was, I would have announced it,” White stated.
He declined to offer negotiation details, nor did he float an alternate calendar slot. That curt statement keeps November 28 unverified. It does not kill the pairing entirely, but it proves the business side remains unresolved.
Social media bargaining created the illusion that promotional machinery was already rolling. Both boxers publicly settled on 145 pounds on X, leading casual observers to believe the hard part had passed. Settling on an informal weight limit in a comment section does not trigger an official press tour. Online back-and-forth gives followers plenty to debate, yet neither fighter has booked travel, hired sparring partners, or officially launched camp.
The real snag centers directly on purse demands. Ring insider Mike Coppinger pointed to the financial friction on social media, posting, “Money mostly but I believe it will get done.”
Optimism does not print tickets or satisfy broadcast partners. Bill Haney openly vented his irritation over the sudden silence from the Stevenson camp, posting, “Bro nem quiet as church mouse’s again…”
That frustration is easy to understand. Transparent negotiations inflate public expectations in a hurry. When one camp goes completely silent immediately after a public concession, momentum disappears. Talks look completely stalled from the outside, even if promoters continue working behind closed doors.
Nobody following the modern boxing business should feel surprised by this drag. Arguing online generates massive engagement metrics, yet back-and-forth posts cannot finalize multi-million-dollar agreements. Network commitments, venue guarantees, and revenue splits require formal paperwork that takes weeks to navigate.
White essentially yanked the conversation back to reality. Observers have a target weight, an opponent, a venue city. What everyone still lacks is a legally binding contract. Until both camps resolve guaranteed purses, this matchup exists strictly as an internet discussion rather than a genuine event.

About the author
Boxing 24/7 Wire
Boxing247.com is an independent boxing news publication covering the sport since 2001. It provides original reporting, fight analysis, schedules, results, and informed coverage of major fighters and events worldwide, backed by more than 25 years of professional boxing journalism.
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