SURJ Sports Investment, a company backed by Saudi Arabia’s Public Investment Fund (PIF), is set to acquire a minority stake in the sports streaming platform DAZN. Launched in 2023, SURJ centers on sports investments and will partner with DAZN to develop DAZN MENA, a joint venture focused on the Middle East and North Africa.
Just last month, PIF denied any plans to invest in DAZN. A spokesperson mentioned they were not in talks with DAZN and had no current investment plans. Despite this, the new agreement signals a significant shift in strategy.
Saudi Arabia has been increasingly involved in sports, particularly football. The PIF has taken control of major teams in the Saudi Pro League, including Al Ahli, Al Hilal, Al Ittihad, and Al Nassr. This investment wave attracted several star players like Cristiano Ronaldo and Neymar to the league. Additionally, in 2021, PIF completed a takeover of the Premier League’s Newcastle United.
Outside of football, DAZN holds broadcasting rights to various sports, including boxing, basketball, and MMA. This expansion adds to PIF’s portfolio, which already includes the LIV Golf series and partnerships in tennis worth up to $100 million. The Kingdom is gaining recognition in boxing as well, with high-profile matches featuring stars like Anthony Joshua and Tyson Fury taking place in Riyadh.
Turki Al-Sheikh, the head of Saudi Arabia’s General Entertainment Authority, plays a crucial role in the country’s sports initiatives. He has been influential in boxing and owns the Spanish football club Almeria.
While details on the financial aspects of the recent deal are scarce, sources suggest that DAZN founder Sir Len Blavatnik sold roughly 10% of the company to SURJ for around $1 billion. This amount coincidentally matches what DAZN paid FIFA for global rights to the upcoming Club World Cup.
With Saudi Arabia set to host the 2034 men’s World Cup, this investment seems strategically timed. The partnership benefits both DAZN and Saudi Arabia, enhancing DAZN’s reach while offering Saudi Arabia a stake in a major media platform, challenging competitors like beIN Sports.
Founded in 2007, DAZN has faced financial challenges, reporting significant losses in 2023. However, with new backing from Saudi Arabia, it hopes to inch closer to profitability while expanding its sports rights portfolio.
DAZN’s collaboration with SURJ points to a broader strategy that could reshape sports broadcasting in the region. The creation of DAZN MENA could be a game-changer for how sports content is delivered across the Middle East and North Africa.
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Saudi Arabia, Boxing, Men's World Cup, Soccer, Sports Business
