Saudi Arabia’s Public Investment Fund (PIF) is reportedly closing in on acquiring a minority stake in DAZN in an investment worth $1bn.
The Persian Gulf kingdom has gradually stepped up its involvement in sport in recent years, ranging from creating and hosting events across Boxing, Snooker, Golf, WWE and many more.
As part of their vision, they have been paired with a partnership with a global platform to broadcast their ever-growing schedule, and according to the New York Times, it appears that strategy could be materialising as they close in on acquiring a 10 percent stake in DAZN, paying in excess of $1bn to do so.
It’s suggested that although no agreement or deal is yet official, talks have been ongoing for over 12 months, and after years of loss-making, DAZN, the global online sports streaming platform funded by billionaire businessman Sir Len Blavatnik, looks to be on an upward trajectory moving forward.
The involvement of PIF moving forward will likely help their financial position shift to a much healthier position as they continue to spend and acquire other businesses across various regions, and so there doesn’t appear to be any let up in their bid for growth despite those losses.
The move from Saudi to strengthen its position in the sporting world comes as part of their desire to diversify their economy and lessen their dependence on oil, and so having already invested in other sports, leagues and attracted some big names in football to strengthen their own product in the form of the Saudi Pro League, this move would certainly continue to reinforce their commitment and standing in the sporting arena.
Having also been awarded the rights to host the FIFA Men’s World Cup in 2034, in conjunction with various other football competitions that will see their offering and catalogue continue to grow, this move is expected to give Saudi a global platform to display their ambitious plans and continue to build their reach amongst other things, provided that the reported acquisition of a minority stake in DAZN goes through successfully.
