DAZN receives Saudi investment

Surj Sports Investment, a Saudi Arabian national wealth fund, has taken a minority stake in DAZN. 

The possibility of this was widely mooted last month, and has now been confirmed. It was previously reported that the fund will take a 10% stake in DAZN in return for investing $1 billion (£790 million). 

As part of the agreement, DAZN will provide 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 pair will work together to launch 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.”

Danny Townsend, Surj Sports Investment CEO, 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 capitalize 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.”

Shay Segev, DAZN CEO, said: “DAZN is the only truly global entertainment platform dedicated to sport, which makes us ideally positioned to expand access to sports content globally from Saudi Arabia’s growing sports sector. As part of the DAZN MENA joint venture with Surj, DAZN is committed to maximizing 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.”

DAZN recently revealed its 2023 accounts, which showed that it lost $1.4 billion (£1.1 billion) - although CEO Shay Segev countered in an interview with the Financial Times that, as of now, “the company is now profitable in most of its top ten markets.” 

DAZN recently acquired Australian broadcaster Foxtel for £1.7 billion. It also acquired the rights to FIFA’s the Club World Cup for a reported $1 billion, which it has announced it will air for free. FIFA and Saudi Arabia have grown close ties recently, with the nation awarded the 2034 men’s World Cup.