Shad Khan and his son, Tony, are unveiling a new professional wrestling organization named All Elite Wrestling. The announcement comes on the same day WWE Smackdown is in Jacksonville

Shad Khan, who purchased the Jaguars prior to the 2012 season and also owns the Premier League’s Fulham Football Club, will be AEW’s lead investor. Tony Khan, who serves as the Jaguars’ senior vice president of football administration and technology, will hold a leadership role. 

Their shared vision is to “launch with a roster of the top wrestlers in the world” — seemingly to compete with the World Wrestling Entertainment juggernaut. Initially, they will partner with former WWE star Cody Rhodes and several others who form a group known as “The Elite.”

It’s unclear exactly how much Shad Khan will invest in the project, but the initial response from industry insiders seems to be one of optimism for AEW, which would benefit from striking a TV deal.

A rally for AEW’s inaugural event, dubbed “Double or Nothing,” was held 5 p.m. Tuesday in Lot J next to TIAA Bank Field. It was free and open to the public.