Latest news with #SURJ
Arab News
27-05-2025
- Business
- Arab News
Saudi wealth fund, Kings League join forces to reshape sports entertainment
JEDDAH: Saudi Arabia's Public Investment Fund and the Kings League have agreed to form a joint venture to transform sports entertainment in the Middle East, with the Kingdom set to host the inaugural season. The new collaboration, unveiled on May 27, is set to commence later this year, delivering an innovative, digital-first sporting experience tailored for the MENA region. SURJ Sports Investment, a subsidiary of Saudi Arabia's PIF Fund, has partnered with Kings League to launch Kings League MENA, a regional version of the seven-a-side football competition founded by former footballer Gerard Pique, according to a statement from SURJ. Saudi Arabia's sports sector is undergoing rapid expansion, with its market value projected to grow from $8 billion to $22.4 billion by 2030, driven by rising investment and a strategic national focus on the industry. Since 2019, the Kingdom has hosted more than 100 major international events across 40 different sports, reinforcing its ambition to become a global hub for sports and entertainment under Vision 2030. A 2024 report by SURJ highlighted that the sector's contribution to the Kingdom's gross domestic product grew from $2.4 billion in 2016 to $6.9 billion in 2019. Danny Townsend, CEO of SURJ Sports Investment, said: 'Kings League MENA is unlike anything the region has seen. We're bringing an entirely new model to market — one that celebrates football's competitive spirit while embracing the energy of digital creators, fans, and youth culture.' Townsend added that the venture aligns with his company's broader mission to invest in sports intellectual property and supporting platforms that generate sustainable returns, expand the ecosystem, and engage the region's next generation of fans. Djamel Agaoua, CEO of Kings League, expressed his thrill to take the Kings League into MENA through this 'exciting' partnership with SURJ. 'Saudi Arabia is the perfect launchpad for a league that's bold, fan-first, and digitally native. Together, we're building a platform that fuses entertainment, sport, and digital culture – one that's tailor-made for this region's energy and ambition,' Agaoua said. The official release stated: 'The announcement is a major milestone in the evolution of sports entertainment across the region. With a format that fuses competitive football, gamified rules, and celebrity streamer team owners, Kings League MENA is designed to captivate young audiences and set a new benchmark for fan engagement in global sport.' The report highlighted that 80 percent of Kings League's 30 million global social media followers are under the age of 34, while nearly 70 percent of Saudi Arabia's population is under 30. This makes the league well-aligned with the digital habits and entertainment preferences of the region's younger generation. Developed jointly by the two entities, the MENA league, soon to become the seventh addition to the Kings League's global portfolio, will showcase regional football talent, digital-first content, and immersive live events. In its announcement, SURJ stated that details regarding team identities, celebrity owners, and the competition format will be disclosed as the league approaches its inaugural kickoff. It added that the venture plans to engage local talent through open tryouts, draft mechanisms, and community activations, aiming to cultivate a new pipeline of football and content creation talent across the Arab world. According to data from Statista, the broader Middle East and North Africa sports market is also projected to expand, with revenues increasing from $4.79 billion in 2024 to $5.57 billion by 2029.
The Guardian
12-03-2025
- Business
- The Guardian
Tim Cahill calls for ‘broader understanding' amid influx of sovereign wealth into sport
Socceroos great Tim Cahill has said people who criticise the influx of sovereign wealth into sport neglect the fact trade deals exist between Australia and countries like Saudi Arabia and Qatar. The 45-year-old all-time leading Socceroos goalscorer has worked for six years in Qatar, and has the title of international sports advisor at the country's government-backed Inspire Academy. Cahill was asked for his views on sovereign wealth investment in sport at the SportNXT conference in Melbourne on Wednesday. Governments and government-linked entities from countries including Saudi Arabia, UAE and Qatar have invested billions of dollars into sport but some have drawn criticism for their human rights and development records amid accusations of sportswashing. 'We talk about business, we talk about governments, let's talk about maybe government trade deals before we start talking about sponsorship,' Cahill said. '[People say] if there's trade deals between Saudi Arabia or Qatar and these countries, that's fine, but [sporting] sponsorships, not so,' he said. Australia's Department of Foreign Affairs and Trade notes Qatar is a top-three trading partner for Australia in the Middle East and North Africa region, with two-way trade worth $3.4bn in 2023. Trade with Saudi Arabia, 'an important trading partner' according to the Dfat country brief, was valued at $2.07bn in 2023-24. 'I really feel it's important to know the whole broader ... understanding of global politics and also investment into countries,' Cahill said. Cahill asked the crowd whether people 'don't like' Cristiano Ronaldo because he is paid hundreds of millions of dollars to play for Saudi Pro League club Al-Nassr, which is backed by the nation's Public Investment Fund (PIF). 'I feel like it's very difficult to pick one little point to have that conversation and then miss out the point where it's our prime minister, sitting together [with nations like Saudi Arabia] and doing deals,' he said. Former A-Leagues executive Danny Townsend, who is now chief executive of the PIF-backed SURJ Sports Investments, said his organisation was looking for a return on investments, but the required financial return was not as strict as in an industry such as oil and gas. 'We've got a cultural and social responsibility at SURJ to deliver on some of those mobility metrics and health metrics that that the Crown Prince [Mohammed bin Salman] is looking for through his Vision 2030 [plan] and beyond,' he said. The PIF has invested in sporting businesses including Newcastle United and LIV Golf in the past, but SURJ was established in 2023 as a sports-focused investment vehicle. SURJ announced a minority investment in streaming platform Dazn in February. Dazn's acquisition of Foxtel announced in December is currently subject to ACCC and FIRB review. 'We're not looking at putting our capital to work in sports that aren't willing to change,' Townsend said. Sign up to The Recap The best of our sports journalism from the past seven days and a heads-up on the weekend's action after newsletter promotion 'What we're looking to do socially in Saudi is change a cultural profile, and sports that are willing to help us do that will help themselves in the process, which I think makes for a good investment.' Cahill was part of a panel on the state of sport alongside Netball Australia chair Liz Ellis and former chair of the Australian Sports Commission John Wylie. Wylie criticised Australian governments for providing funding for elite professional sports over the grassroots, with a focus on 'votes' and 'eyeballs'. '[Governments] look at the AFL and the NRL and the popularity of those teams and say we're going to invest in that and not invest in grassroots,' he said. Ellis – whose sport netball does not have gambling sponsorships – said officials needed to think 'very carefully' about taking money from sports betting. 'One of the reasons we do that is because we don't think it sits very well with our views on our sport's social impact and the effect of gambling on families of women,' she said. 'But on the flip side, I see other sports getting wealthy off gambling sponsorships, right, so why are we missing out on that?' Ellis added other countries have had the same kind of conversations about sovereign wealth that Australia is only recently coming around to, and overseas sports entities were now 'getting on with taking investments'. 'You do have to think carefully about where your revenue comes from and who you take money from, but I think you have to be very pragmatic about it too, and if there's other sports that are bigger and stronger than you taking that money and you're getting left behind, is that wisest for you?'
Zawya
05-03-2025
- Business
- Zawya
Saudi Arabia-backed sports fund weighs investing in World Athletics, sources say
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. ($1 = 0.7862 pounds) (Reporting by Amy-Jo Crowley and Mitch Phillips in London. Additional reporting from Pesha Magid in Riyadh. Editing by Anousha Sakoui and Jan Harvey)
Reuters
05-03-2025
- Business
- Reuters
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.
Arabian Business
18-02-2025
- Business
- Arabian Business
Saudi PIF-backed SURJ Sports Investment acquires minority stake in DAZN
Saudi Arabia-based SURJ Sports Investment, a PIF affiliate, said it has agreed to acquire a minority stake in DAZN, the global leader in sports entertainment. The two, who are natural partners, are committed to the unifying power of sports by making world-class sports rights available globally, the companies said. As part of this agreement, the two companies will work closely to establish DAZN MENA, a joint venture that will unlock new broadcasting opportunities for Saudi Arabia's growing sports sector and accelerate fans' access to live and on-demand sports content. The partnership also aims to strengthen Saudi Arabia as a leading market for sports investments, while capitalising on the significant growth in demand for high-quality sports broadcasting. Danny Townsend, CEO at SURJ Sports Investment, said DAZN has established itself as the global sports platform of choice, and this is a really exciting opportunity to build on DAZN's significant successes in recent years by bringing more sports to fans and audiences around the world. 'SURJ supports the leadership of DAZN, and our partnership will accelerate the growth of DAZN and capitalise on the significant and growing demand for high-quality sports broadcasting. 'This investment will help SURJ achieve its mandate of driving fan engagement, encouraging sports participation and unlocking game-changing opportunities, and further showcasing the region as a destination for world-class sports,' he said. Shay Segev, CEO of DAZN, said as part of the DAZN MENA joint venture with SURJ, the company is committed to maximising the reach and accessibility of sports, while delivering the best entertainment experience to a global community of passionate fans. 'This is a milestone partnership for the group, which is bound to transform the sports entertainment landscape in Saudi Arabia and the wider region,' Segev said. Launched in 2023, SURJ Sports Investment is mandated to invest in sports to drive international growth, while enhancing the sporting ecosystem in Saudi Arabia and the wider Middle East. DAZN, available in more than 200 markets, provides SURJ with an official streaming and broadcast partner for both live and on-demand content to showcase the best of Saudi sport and Saudi-based events to a global audience.
