A new boxing format which promises to eliminate often-controversial human judging decisions is in talks to raise $50m from heavyweight investors amid a broader shake-up in the funding and marketing of combat sports.
Sky News has learnt that STRIKR, which will use data-driven scoring by embedding sensors in combatants’ mouthguards and deploying technology from partners including Hawk-Eye, is in detailed talks with a large number of prospective backers about its first major funding round.
Sources said that scores of prospective investors were due to attend the first alpha test of STRIKR’s technology in action at an event to be held at The Outernet, an entertainment venue in Central London, this week.
People close to STRIKR’s development said its proprietary technology could track the exact trajectory, speed and force of punches.
This, they said, would open up huge betting market opportunities by enabling live in-play gambling, which they added would boost consumers’ engagement with the sport.
Among the architects of STRIKR are Greg Nugent, who oversaw the marketing of the London 2012 Olympic Games, and Michael Sutherland, former chief transformation officer at Real Madrid.
Stephen Duval, founder of sports and entertainment corporate finance group 23Capital and creator of Superset Tennis and Superfighter, is also among STRIKR’s co-founders.
Sources said the initial fundraising of about $50m would be followed by a larger capital-raising as the concept gained momentum.
Oakwell Advisory, a sports-focused corporate finance firm, is advising STRIKR on its talks with investors.
They added that STRIKR had the potential to “revolutionise” boxing in the same way that T20 had changed international cricket and that data-driven technology and smarter marketing had introduced Formula One motor racing to new audiences.
STRIKR is understood to work by using artificial intelligence combined with technology from Hawk-Eye Innovations and Protecht to generate more than 3,000 points of data about each punch thrown by a boxer.
By promising to eliminate the controversy which frequently accompanies the ringside verdicts of boxing judges, the new format is likely to claim that its advent will deliver a greater level of objectivity, integrity and transparency to one of the world’s most popular sports.
Responding to an enquiry from Sky News, Mr Duval said: “STRIKR is a new format of boxing that uses world-class technology to generate real-time objective scoring.
“It will create a different approach to fighting, using a new format, enabled by new technology, to engage the existing audience and attract a new one, to the benefit of the market overall.”
Mr Duval declined to comment on the identity of the investors in discussions with STRIKR, although people close to the fundraising said it had already secured indicative commitments encompassing a sizeable chunk of the $50m target.
The company also refused to be drawn on further details of commercial partnership discussions ahead of Monday’s test event.
STRIKR fights are expected to be free to watch, including on digital platforms such as YouTube, and will incorporate features such as personalised shopping and loyalty-based premium content.
The arrival of STRIKR – which is expected to include its maiden competitive events in the UK and US next year – will come at a time when investor interest in combat sports has surged amid an influx of funding from sovereign funds and other prominent pools of capital.
An official launch of the new format is said to be planned for May, with a series of exhibition events to showcase the technology later this year.
TKO Group, which owns UFC and WWE, this month struck a deal with the Saudi General Entertainment Authority to create a new international boxing league.
The Saudi government has already sanctioned an enormous investment in the sport through the creation of the Riyadh Season to secure the hosting of some of boxing’s most lucrative fights, including December’s world heavyweight title rematch between Oleksandr Usyk and Tyson Fury, which was won by the Ukrainian.
Content Source: news.sky.com