World Series Of Fighting is set to be rebranded as the Professional Fighters League starting in January of 2018 according to a new press release.

The new league launches at the turn of the year and will see fighters competing in a season-based schedule in seven different weight classes, with the overall prize pool that’s up for grabs weighing in a $10 million.

The PFL’s unique format will see fighters initially fighting in a season schedule and then the winners progressing to a play-off tournament, with $1 million at stake for the winner in each weight class and the remaining $3 million being spread out among the other competitors.

There’s no word on exactly which weight classes will be included, but it has been confirmed that they will include woman’s divisions and should feature a large number of current WSOF fighters.

The executive chairman for the PFL is Russ Ramsey, an investment banker and hedge fund manager who peviously chaired a failed bid to bring the 2024 Olympics to Washington D.C, and is flanked by co-founding venture capitalists, Donn Davis and Mark Leschly.

Other investors in the company included Ted Leonsis, who is the owner of the Washington Capitals, Mystics and Wizards, the Lerner family who own the Washington Nationals, Riot Games founder, Brandon Beck and the Chief Financial Officer of the L.A. Dodgers, Tucker Cain.

WSOF’s existing television deal with NBC Sports concludes at the end of the year, and the PFL owners are set to engage in talks with various networks, including NBC, about airing their new league in the coming months.

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