They're almost trying to build a new thing altogether. I wonder how that would work when there's already a sport with sanctioning bodies that have been established for a century. It would only work if they pay enough money to attract fighters and also allow them to fight outside the organization. Why would say the WBC 154 champ want to fight for an org that doesn't even have his weight class and makes him give up his title? If not, this is going to create another Pride vs UFC type situation where the best aren't going to ever fight each other, which is what they're claiming to fix.
Might as well try to start a new football league that's essentially the same sport but with slightly different rules. Do Dana and Turki have enough money to compete with the rest of the entire boxing world?