March 5 (Reuters) - TKO Group Holdings, owners of mixed martial arts' UFC and wrestling's WWE, announced on Wednesday a new boxing promotion with the backing of Saudi Arabia's Turki Alalshikh and entertainment conglomerate Sela.

While Alalshikh chairs Saudi Arabia's General Entertainment Authority (GEA), he was referred to in the multi-year agreement in the context of The Ring magazine that he bought last year.

A statement referred to a promotion "that will provide a premier platform for both leading boxers and prospects in the sport". No name was given for the venture.

Ultimate Fighting Championship (UFC) president and CEO Dana White and World Wrestling Entertainment (WWE) president and TKO board member Nick Khan will run the day-to-day operations of the venture.

"Today marks a new chapter in boxing history," said Alalshikh on X. "I'm thrilled about this great partnership with those I consider the best for the sport. Together we will elevate it to new heights."

White told ringmagazine.com, which referred to the promotion as a new league, that the best would fight the best in a model similar to that of the UFC.

"You work your way up the rankings, and once somebody breaks into the top five (and) there is no question (about) who the best five guys are in each weight class, they fight it out.

"And once somebody holds that belt, you don't need three letters in front of the belt. Whoever has that belt is the best in the world in that weight class. It's a very simple model."

Sela is a subsidiary of Saudi Arabia's Public Investment Fund (PIF) and has been involved in major boxing promotions, including the heavyweight clash between Anthony Joshua and Daniel Dubois at London's Wembley Stadium.

"This is a strategic opportunity to reimagine the sport of boxing globally," said TKO president and COO Mark Shapiro in a statement.

"TKO has the deep expertise, promotional prowess, and longstanding relationships. Turki Alalshikh and Sela share our passion and vision for evolving the current model."

Sources told Reuters last year that PIF was in discussions with multiple boxing stakeholders to create a league.

Currently the sport is made up of organisations including the World Boxing Council, the International Boxing Federation, the World Boxing Association, and the World Boxing Organisation, which each have their own rules for championship belts.

Saudi Arabia has poured billions of dollars into sport, including golf, Formula One and soccer.

(Reporting by Alan Baldwin, editing by Toby Davis)

((alan.baldwin@thomsonreuters.com; +442075427933;))