"We came up with the idea to make something that would be exciting and provocative and soul stirring for boxing," said King.
"We were trying to do something that would contribute to the sport of boxing."
Evander Holyfield and Chris Byrd will meet in Atlantic City on 14 December for the vacant IBF title.
The winner will face the victor of a bout between undisputed world light-heavyweight champion Roy Jones, who is stepping up to the heavyweight division, and WBA champion John Ruiz.
Lewis will commentate for TV on the championship bouts which should eventually find a challenger for his title belt.
World heavyweight boxing champion Lennox Lewis has signed a deal with promoter Don King to promote a new ‘elimination series’ – designed to breathe new life into the flagging sport.
