Exclusive: Saudi Arabia-backed sports fund weighs investing in World Athletics, sources say
LONDON, March 5 (Reuters) - A Saudi Arabia-backed sports fund is considering investing in a new body that World Athletics may potentially set up to manage the sport's commercial rights, two people with knowledge of the matter said.
The sport's governing body has been considering establishing a new company to manage rights and bring in cash from a new investor, the people said.
It has held talks with SURJ Sports Investments, a unit of Saudi Arabia's Public Investment Fund (PIF), about potentially buying a stake in the entity, the people said. One of the people said a deal could value the business at 500 million pounds ($635.95 million).
The sources, who spoke on condition of anonymity, cautioned that discussions are ongoing but may not lead to a transaction.
A spokesperson for World Athletics confirmed in a statement it has had approaches and discussions with organisations and financial institutions interested in partnering, but declined to comment on SURJ's interest.
"We are delighted to be in this position even if not all discussions end in a partnership. Where partnerships are agreed, we announce them," the spokesperson said. SURJ declined to comment.
Athletics is the latest sport to draw the interest of Saudi Arabia-backed entities, after investments in tennis, golf and soccer.
SURJ last month said it had bought a minority stake in sports streaming platform DAZN. It also considered investing in a new cycling league as well as a new boxing league last year, Reuters has reported, but deals have yet to materialise.
Funds raised through a deal would help World Athletics accelerate the commercial side of the sport, including setting up new events, marketing and distributing more cash to stakeholders, the people said.
World Athletics is under pressure to innovate as outsiders look for a piece of the pie.
Former Olympic 400 and 200m champion Michael Johnson is planning a new professional track competition, Grand Slam Track, to host four "slams" a year from this April.
Britain's multi-Olympic gold medalist distance runner Mo Farah has put his name behind another new series of races called RunGP, with events held on Formula One race circuits, starting in Doha in May.
World Athletics' President Sebastian Coe has regularly said his sport needs to work hard to "stay relevant" for the next generation of fans.
He set out plans last year to hold a new competition called the World Athletics Ultimate Championship every two years, beginning in 2026 with a record prize pot of $10 million, to add to the competition calendar.
The sport was also the first to offer prize money at the Olympics, with Paris 2024 gold medalists banking $50,000.
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