Saudi Arabia-backed Professional Fighters League (PFL) is in talks to buy Bellator, a US-based mixed martial arts league, the Financial Times newspaper reported.

The negotiations come after the Saudi sovereign Public Investment Fund (PIF) invested $100 million in PFL in August, the report said.

The talks between PFL and Bellator were continuing, the financial daily said, quoting three informed sources.

US entrepreneur Donn Davis, founder of PFL, said the company had raised $500 million in its last financing round and is looking to acquire top talents.

PFL has more than 70 fighters and acquiring Bellator could boost the number as the company competes with its rival Ultimate Fighting Championship.

Under the deal, the report said that PFL will create a Middle East and North Africa league headquartered in Saudi Arabia, alongside five other leagues in Europe, Australia, Latin America, India and Asia.

In addition, Saudi Arabia will host PFL pay-per-view fights, including a match between former UFC heavyweight champion Francis Ngannou and influencer and boxer Jake Paul next year, the newspaper added.

In August, PIF launched SRJ Sports Investments to acquire and create new sports events IP (intellectual property), commercial rights of popular and prominent sports competitions and hosting major global events in Saudi Arabia.

(Editing by Seban Scaria seban.scaria@lseg.com)