Latest news with #SURJSportsInvestments
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)
Al Arabiya
18-02-2025
- Business
- Al Arabiya
Saudi Arabia's SURJ Sports Investment acquires minority stake in DAZN
Saudi Arabia's SURJ Sports Investments, a Public Investment Fund company, announced on Monday that it acquired a minority stake in sports entertainment platform, DAZN, in a partnership aimed at making world-class sports rights available globally. Financial details of the deal haven't been announced, but the partnership will provide mutual access to global and Saudi sports alike. For more Saudi sports news, visit our dedicated page. DAZN streams over 90,000 live events annually and is available in more than 200 markets worldwide. It is home of European football, women's football, boxing and MMA. It features the biggest sports and leagues from around the world including Serie A, LALIGA, Ligue 1, Formula 1, NBA including FIFA Club World Cup 2025. 'DAZN 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,' the statement said. The PIF company was launched in 2023 and is mandated to invest in sports to drive international growth while enhancing the sporting ecosystem in Saudi Arabia and wider Middle East. The announcement comes at a time when the Kingdom has established itself as a major sports destination, hosting some of the world's top sports and becoming home to global superstars. It also comes after Saudi Arabia was announced as the host of the 2034 World Cup. The agreement will also lead to the establishment of DAZN MENA, a joint venture aimed at unlocking new broadcasting opportunities for Saudi Arabia's sports sector and that looks at accelerating fans' access to live and on-demand sports content. 'The partnership aims to strengthen Saudi Arabia as a leading market for sports investments, while capitalizing on the significant growth in demand for high-quality sports broadcasting,' the statement added. SURJ CEO Danny Townsend said that the investment with DAZN will support SURJ's goals and will further showcase 'the region as a destination for world-class sports.' Shay Segev, CEO of DAZN, said that the 'this is a milestone partnership for the group, which is bound to transform the sports entertainment landscape in Saudi Arabia and the wider region.'
