Former WWE star Cody Rhodes ended months of speculation about a new promotion Tuesday, officially announcing the launch of All Elite Wrestling.

Jacksonville Jaguars co-owner Tony Khan - son of billionaire Shahid Khan - has been named president of the promotion, according to Ryan Satin of Pro Wrestling Sheet. Rhodes will serve as an executive vice president along with the "Young Bucks," Matt and Nick Jackson.

Rhodes confirmed his role in a statement.

The Khan family, which also owns Fulham FC of the English Premier League, has long been linked to the promotion as a financial backer.

AEW's first event, "Double or Nothing," will be held Jan. 8 at the Jaguars' TIAA Bank Field.