Turki Alalshikh, head of Saudi Arabia’s General Entertainment Authority, has announced on social media the acquirement of Ring Magazine, with the iconic publication set to return to newsstands in the US and UK “immediately”. Previous owner, Oscar De La Hoya of Golden Boy Promotions, has confirmed the $10m sale.
There have been rumblings of the deal behind the scenes for several months after Alalshikh’s plans to launch a new, all-conquering, website called Boxing.net changed focus.
The paymaster has previously voiced his displeasure regarding certain boxing rankings and it’s believed he’s long been keen to establish a superior system. The Ring, founded by Nat Fleischer in 1922, has retained significance despite being taken out of print two years ago thanks to its widely respected rankings, which are currently decided by an independent panel of esteemed industry figures.
“The magazine will be fully independent, with brilliant writers and focusing on every aspect in the sport of boxing,” read the post on Alalshikh’s social media channels. “We will restore the legacy of The Ring Rankings to its old mechanism with a fully independent panel that lives up to the Ring Magazine’s golden era.”
Alalshikh’s post went on to detail plans for merchandise, an “extravagant” annual awards ceremony, and the digitization of their extensive archives.
“The Ring Magazine will be a fully independent company without any involvement from Riyadh Season,” the post stressed. “In the end, let’s get the Bible of Boxing to heights that it has never seen in the past.”
When talking to Forbes, De La Hoya – who paid $7m for the title in 2007 – explained the sale. “I did have some conversations with His Excellency,” De La Hoya said. “He obviously made the offer that we could not refuse. It was an asset that I held on to for many years. We were steadily holding on to it, keeping it alive.”
Amid a difficult time from a financial perspective for the print journalism industry, the decision was made in 2022 to cease their monthly print product.
“It’s in great hands,” De La Hoya added.
The promoter will be in Saudi Arabia for Riyadh Season’s latest boxing event, staged in conjunction with Golden Boy Promotions and headlined by the cruiserweight clash between Gilberto Ramirez and Chris Billam-Smith.
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