The forthcoming bout between Mike Tyson and YouTuber-turned-boxer Jake Paul has been formally sanctioned as a professional boxing match.

According to Paul’s company Most Valuable Promotions, the event will have an impact on both fighters’ career records, regardless of the outcome. The fight will be divided into eight two-minute rounds, with 14-ounce mitts instead of the standard 10-ounce gloves. MVP co-founder Nakisa Bidarian told TMZ that they worked with the Texas Department of Licensing and Regulations to ensure that the fight was sanctioned.

Previously, it was believed that the fight would be a demonstration rather than an officially sanctioned professional bout. Tyson said on Instagram, “Yes it’s a real sanctioned fight.”

READ MORE: Logan Paul Rejects Fight With Mike Tyson, Calls Boxing Legend “Senile”

The bout, which will be live-streamed on Netflix, has sparked a lot of interest ahead of its scheduled July 20 date. Tyson, 57, is 30 years older than Paul, who is 27.

Paul promises that the event will be “the biggest fight of the 21st century.” He also stated that he will not keep anything back. “My sights are set on becoming a world champion, and now I have a chance to prove myself against the greatest heavyweight champion of the world, the baddest man on the planet and the most dangerous boxer of all time,” he said. “Time to put Iron Mike to sleep.”

READ MORE: Mike Tyson Has Fans Worried About Jake Paul Because Of His Latest Training Video

A post shared by Most Valuable Promotions (@mostvaluablepromotions)

Tyson, meanwhile, hailed Paul’s development as a fighter. “He’s grown significantly as a boxer over the years, so it will be a lot of fun to see what the will and ambition of a ‘kid’ can do with the experience and aptitude of a G.O.A.T.,” he added. “It’s a full circle moment that will be beyond thrilling to watch; as I started him on his boxing journey on the undercard of my fight with Roy Jones and now I plan to finish him.”