U.S. legislators have introduced a bipartisan update to the Ali Act the Muhammad Ali American Boxing Revival Act which would permit Unified Boxing Organizations (UBOs) to operate outside traditional bodies like the WBC and WBO. The initiative aligns with a Saudi-funded venture, Zuffa Boxing, set to debut on September 13 with a headlining matchup between Canelo Alvarez and Terence Crawford.
Backed by Saudi Arabia’s Public Investment Fund and led by TKO Holdings (TKO, Financials) (owner of UFC and WWE), Zuffa aims to reshape boxing’s business model. While supporters highlight potential for higher fighter pay and increased investment, critics warn the legislation may undermine existing protections from the Muhammad Ali Boxing Reform Act, allowing promoters too much control over rankings and titles.
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The narrative takes on greater poignancy following the death of WWE icon Hulk Hogan, who collaborated with TKO on a new wrestling venture, Real American Freestyle where he served as commissioner before passing away July 24 at age 71 from a heart attack. Hogan had a hidden battle with leukemia and atrial fibrillation. His death comes as stakeholders push for legislation reshaping the combat sports industry.
This article first appeared on GuruFocus.