Despite being made quick work of during his MMA debut against UFC legend Randy Couture in August 2010, famed boxing champ James Toney isn’t giving up on the sport. In fact, at 42 years young, the current IBA Heavyweight champion is gearing up for his second try in the squared circle, when he takes on MMA legend Ken Shamrock later this year.

However, it won’t be with any previously establishing fighting promotions, Toney is taking matters into his own hands … and will be launching his own fighting promotion, with some slightly different rules. While current MMA rules will be the foundation, there will be a limit to how long action can stay on the ground, which he and his partners hopes give boxers a chance … and make for a more fast-paced event.

In June, Toney and Shamrock held a press conference at the boxer’s San Fernando Valley gym, the IFC Center, where they traded insults and nearly got into a brawl before news of their upcoming match even surfaced.

We recently sat down with Toney, recently, to speak about the upcoming fight with the fighting legend, his dual fighting careers, the upcoming still unnamed promotion … and more. He even took a few minutes to talk about his brief UFC experience, while calling out UFC prez Dana White and UFC star Rampage Jackson.

Update: Team Toney updated us, letting us know the planned MMA fight against Ken Shamrock is no longer taking place. At press time, a reason was not given.

Check out the interview above, and for more info, visit JamesToney.com, and/or his Facebook page at Facebook/JamesLightsOutToneyFanPage.