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Published 17:59 11 Aug 2016 BST
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The association will be led by longtime baseball agent Jeff Borris, labor attorney Lucas Middlebrook and economist Andrew Zimbalist. The PFA has also received the support of major sports players' unions in the form of the MLBPA, NFLPA, NHLPA, NBAPA and MLSPU.
"I have been privileged to represent elite athletes for nearly 40 years, and believe now more than ever in the benefits of collective bargaining to secure and enhance terms and conditions of employment," said Donald Fehr, current NHLPA executive director. "That is why I fully support and encourage efforts of the fighters to organize a union to represent them."
NFLPA executive director DeMaurice Smith said: "As a strong labor union, the NFLPA recognized the need for athletes to have a collective voice and supports the efforts of the UFC athletes to stand together as a team to advocate for their rights as men and women."
Cries for UFC fighters to band together became louder when, last month, it was announced that the previous majority holders, Lorenzo and Frank Fertitta, had sold the promotion to a group led by WME-IMG for $4 billion.
That figure has led many fighters to believe that they have been undervalued for years and many are wondering how much of that $4 billion they'll be seeing.
"The scales have been tipped in favour of the UFC for too long," the PFA said. "It is time for the fighters, the one's responsible for the UFC's success, to receive their equal share."
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