A new, Las Vegas-based mixed martial arts promotion plans to host tournament-based events at one of Sin City’s most prominent casinos, likely beginning in January 2012, Sherdog.com has learned from multiple sources. The promotion will be called MMA World Champions: World Series of Fighting.

According to the sources, the WSOF intends to hold 16-man tournaments in five different weight classes, with its first event planned for first quarter 2012. Tournaments are expected to take place at a rapid pace, with competitors fighting roughly once a month until a victor is decided. The promotion plans to lead with tournaments in the middleweight and light heavyweight divisions, and tournament champions could see six-figure paydays, though specific amounts were not revealed.

The promotion first had plans to hold 32-man tournaments, but the idea has since been scaled back for the initial venture. However, a source close to the situation asserted that expansion of the tournament concept is expected for the future and also suggested that the promotion has already begun acquiring fighters, many of whom are former Pride Fighting Championships, Strikeforce and UFC talents.

A television distribution deal is currently being sought by the promotion, though it is unknown which networks are discussion with the upstart organization. Ownership of the new league is also a mystery at the time of publication.