Greg Norman tried something similar in golf.
The golf commissioner did everything to kill the idea (which Hearn with his talk of heavy sanctions is doing), then the PGA basically stole the idea and started having events with only the top ranked players invited.
Edit: just watched the Golf Channel and learned there will be a "Turkish Airlines World Golf" championship after the Ryder Cup with 8 players and the largest first prize in golf...2.5 million bucks. 5.3 million split between 8 already rich golfers. Sounds awful similar.