Tyson-Paul fight to be sanctioned as professional bout

The boxing match between Mike Tyson and Jake Paul will be sanctioned and count on each fighter's career record as a professional bout, both stars announced on social media Monday.

"Mike Tyson and Jake Paul signed on to fight each other with the desire to do so in a sanctioned professional fight that would have a definitive outcome," Most Valuable Promotions co-founder Nakisa Bidarian said, according to Andreas Hale of ESPN. "Over the past six weeks, MVP has worked with its partners to satisfy the requirements of the Texas Department of Licensing and Regulations to sanction Paul versus Tyson, and we are grateful that we have gotten to this point."

The heavyweight bout will have eight two-minute rounds, and the fighters will wear 14-ounce gloves. The event takes place on July 20 at AT&T Stadium in Arlington, Texas, with Netflix broadcasting the showdown live.

The 57-year-old Tyson (50-6, 44 KOs) hasn't won a pro fight since a knockout win over Clifford Etienne in February 2003. The 27-year-old Paul (9-1, 6 KOs) defeated Ryan Bourland in March via a first-round technical knockout.