Saudi Arabia’s Public Investment Fund (PIF) is considering a $1 billion (£760 million) investment for a 10% minority stake in sports streaming company DAZN, Reuters reports. DAZN, based in London, has also been in talks with at least three other investment funds as it explores potential strategic partnerships. The company’s valuation in the deal is expected to be between $10 billion and $12 billion (£7.6 billion to £9.2 billion).
PIF’s growing sports investments include Premier League club Newcastle United, LIV Golf, the Women’s Tennis Association (WTA), and Saudi Pro League teams such as Al Hilal, Al Ahli, Al Ittihad, and Al Nassr.
DAZN’s 2022 revenue saw a 41% increase, reaching $2.19 billion (£1.6 billion), though it still posted an operating loss of $1.06 billion (£809 million) for the year. Additionally, DAZN has recently secured a multi-year deal to serve as the exclusive global broadcaster for Riyadh Season, and will also be a co-exclusive broadcaster across the MENA region.