British Gymnastics has announced a four-year partnership with Matchroom Sport to promote an annual World Cup of Gymnastics at the O2 Arena in London.
The first one-day event – featuring eight national teams competing in six men's events and four women's – will be held on April 8, 2017.
Tickets go on sale to the general public this week and Matchroom's Barry Hearn said he expected all 18,000 seats to sell out very quickly.
"We are looking at staging something spectacular," said Hearn, speaking at a launch event held at the Shard. "It is going to be lavish, it is going to be party-time, it is going to be an absolutely magnificent celebration of a wonderful sport."
Announcing that the competition will also be shown in its entirety live on Sky, Hearn suggested that gymnastics was a sport poised to take off into the mainstream.
"I cannot believe the number of people who've told me they love gymnastics since the Olympics," he said. "10.8 million watched Max [Whitlock] win gold on television. I was one of them. The trouble is, in the past this was a sport that only surfaced every four years. Not anymore."
Jane Allen, head of British Gymnastics, added that part of the development of the sport was the need for a bigger venue for the British leg of annual World Cup competition, which has been held in Glasgow for the past 12 years.
"We haven't staged a [non-Olympic] gymnastics event in London since 1975," she said. "Our strategy has been for some time to bring this event to London to bring it to the attention of a wider audience."
Hearn, renowned for the showbiz elements he has introduced to darts and snooker, suggested that the event next year will include many innovations.
"We'll have some fun with it," he said. "While obviously being respectful to the sport's traditions."
Nile Wilson, who won a bronze medal in Rio in the men's team event, said that he looked forward to a bigger stage.
"When I first started competitions were held in sports halls in front of 50 people, all of whom were the parents of competitors," said Wilson, who was sitting alongside Hearn. "This is so exciting for the sport."
And he added that he had already come up with a darts-style nickname to use in the event.
"I'm going to call myself The Wilsonator," he said. "That's got a ring to it."
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