World Boxing Super Series: New $50m event to 'change boxing world' - organisers

A similar Super Six World Boxing Classic, held between 2009 and 2011, saw Andre Ward beat Britain's Carl Froch in the final

A new shootout tournament with 16 of the world's best fighters competing for $50m (£41m) will "change the world of boxing", say those behind the plan.

Comosa AG - a new venture involving some of the biggest names in boxing promotion, is behind the event.

"It is Comosa's ambition to turn the World Boxing Super Series into the world's biggest and best boxing tournament," said Roberto Dalmiglio, Comosa's head of management board.

It could start as early as September.

The event will take a shootout format and involve eight fighters in two yet-to-be-decided weight classes.

The winners will receive the Muhammad Ali Trophy, named after the former heavyweight world champion who died last year.

"The World Boxing Super Series will change the world of boxing," said Dalmiglio.

A similar Super Six World Boxing Classic was held between 2009 and 2011.

Richard Schaefer, the former Golden Boy promotions chief executive, is among those involved in the venture.

"Boxing has really been missing a big tournament like the World Boxing Super Series. Every major sport has one," he said.