A glimpse into how the new TKO boxing franchise will operate has begun taking shape.

According to boxing authorities who’ve reviewed documents presented to fighters, a managerial arm has been formed to support the circuit funded by Saudi Arabia’s Turki Alalshikh and ran by TKO and UFC CEO Dana White for a $10 million annual fee.

That new company, known as Hualapai Ventures, Inc., lists former Top Rank and Probellum attorney Harrison Whitman and CAA agent Ishmael Hinson as its partners and has initiated contact with fighters, forwarding contract terms that reveal some of the plans, according to documents reviewed by BoxingScene.

White said in a recent podcast interview with veteran boxing journalist Dan Rafael of “Big Fight Weekend” that there’s “over 150 guys we’re looking to sign.”

White said he wants to also limit the number of divisions, likely keeping the traditional classes – flyweight, bantamweight, featherweight, lightweight, welterweight, middleweight, light-heavyweight and heavyweight.

One of the contracts reviewed by BoxingScene showed both a purse structure and the intended reliance on “company” rankings, although Alalshikh clarified in a recent speaking appearance on X, that the new league’s rankings would be separate from those traditionally posted for all weight classes by The Ring Magazine, which he owns.

“With The Ring Magazine, we’ll keep its legacy of 103 years and not be involved in any of these things – this is something separate,” Alalshikh said Friday.

Still, a company paying fighters to compete while also setting the rankings troubles some veteran fight officials who were canvassed about the situation this week. One said this is why sanctioning bodies and the federal regulation of boxing exist.

While there’s long been criticism of the four sanctioning bodies for watering down what it means to be champion, basing earnings on ratings slots is an endeavor ripe for manipulation and meddling by businesspeople, and it opens a new type of Pandora’s box.

In one of the proposed contracts, Hualapai Ventures reports that fighters who join the firm will be paid $5,000 within three days of their signing.

The fighters who join commit to a three-year term following their first bout, and must stay on board for two years following their signing, described as the “effective date” in the contract.

The TKO boxing venture isn’t expected to stage its first card until sometime in 2026, the company announced in a news release.

“The Company shall guarantee boxer the opportunity to participate in bouts every five months during the term commencing with the first bout, and shall make good-faith efforts to offer boxer the opportunity to participate in four bouts during the first year,” according to the contract.

The contract stipulates that purses will be increased based on the fighters’ ability to crack the top 10 of “the company” and climb the rankings.

–$20,000 for a 10-round bout by an unranked fighter.

–$50,000 when ranked by “the company” at No. 5 to No. 10.

–$125,000 when ranked by the company at No. 3 to No. 4.

–$375,000 when challenging for “company” championship.

–$750,000 when defending “company” championship.

Some veteran fight officials canvassed by BoxingScene said this pay scale indicates these TKO league fighters will be younger and mid-level boxers.

White said on Rafael’s podcast that matchmakers and scouts are among his most needed hires.

Alalshikh referenced the importance of this talent search on his X Friday talk, saying, “The focus on this league and talent is to make something the fans like. We have a lot of ideas.”

The earnings for the lower-rung fighters and the contractual control TKO will exert over its fighters fans the flames for those who’ve chided White for his UFC reputation of discounting purses.

“No Attorney General has ever brought a case for violations of the [federal Muhammad] Ali Act, so if there was some dispute over this, it’d have to be a fighter bringing the claim. But if Harrison and Ish are the managers, who’s going to fund the lawsuit?” a veteran boxing attorney asked on the condition of anonymity because of the possibility of working for TKO/White.

Another individual who helped run a middle-tier boxing promotion said paying $375,000 and $750,000 to these types of fighters is a good opportunity, knowing the TKO league will work feverishly to promote its stable and their backstories.

“The sport can use something like this. The fact that it’s a closed shop is concerning,” the individual said on the condition of anonymity because of the potential of future business deals with White and TKO. “Boxing is a bigger marketplace than MMA.”

White bluntly told Rafael he’s “not interested in working with sanctioning bodies” or rival promoters while presiding over this TKO promotion, admitting that distributing his own belts will violate the federal Muhammad Ali Act.

“I’m going to live in my own little bubble and do my own thing,” White said. 

When Alalshikh last week told Canelo Alvarez to set aside his WBC belt during a photo-op, speculation increased Alalshikh and TKO were angling toward a one-promoter, one-belt sport.

Alalshikh’s Friday comments indicate that’s only the case with the White-headed promotion.

“We’re not against any commission or promoters … there’s space in the market,” Alalshikh said. “We will still see four belts and a commission. No one can delete a commission and promoters from markets.”

By creating a fifth belt and following the lead of other promoters in the past by frowning upon making cross-promoted fights, the White-TKO model is delivering “what boxing doesn’t need … ,” the official said.

“...Unless they’re trying to take over the sport. Many have tried before, and all have failed.”

While the UFC achieved an effective monopoly by either buying out or letting rival MMA organizations fade into oblivion (PRIDE, Strikeforce and Bellator), boxing offers long-established promotions including Top Rank, Premier Boxing Champions, Golden Boy, Matchroom and Queensberry.

While Matchroom’s Eddie Hearn and Queensberry’s Frank Warren have been tightly connected to Alalshikh, Top Rank’s Bob Arum, Golden Boy’s Oscar De La Hoya and PBC’s Al Haymon have butted heads with White – either frequently or occasionally – over the years.

The TKO contract did add some flexibility on earnings as the league fighter advances their career. 

“When boxer participates in a bout which is the main event of a company event and distributed on pay-per-view in the U.S., the parties shall agree on a guaranteed purse and/or a net-profit participation.

“If company secures opportunities for boxer to participate on third-party events [e.g. Riyadh Season events], boxer shall be entitled to 90 per cent of the fee paid to the company for boxer’s participation.”

Boxing officials are expected to meet with TKO and White next week to gain a fuller understanding of how the league will operate, as a Hualapai Ventures representative has told at least one U.S.-based commission head that the promotion will be looking to gain its license “soon.”