(Bloomberg) -- Saudi Arabia’s Public Investment Fund said it has no current plans to invest in billionaire Len Blavatnik’s streaming group Dazn Group, which holds the broadcasting rights of some of Europe’s top-tier football leagues.
“PIF is not currently engaged in discussions with Dazn on this matter and has no current plans to invest in the company,” the sovereign wealth fund said in response to media reports that it’s in talks to acquire a stake in the streaming group.
Dazn is a prominent player in the broadcast of live sports, holding multi-year rights for football and Formula One racing in several European markets. This year it won the main broadcasting rights deal for Ligue 1, France’s top professional football league.
However, Dazn remains an unprofitable business. It made an operating loss of about €1.1 billion ($1.4 billion) in 2022, according to its latest set of accounts filed at UK Companies House. Blavatnik is the founder of Access Industries, a privately-held company with $35 billion worth of investments across various sectors, according to its website. The billionaire provided a financial guarantee to back Dazn’s winning bid for the French football broadcasting deal.
Saudi Arabia has been making significant investments in global sports, including golf and football. PIF acquired the English Premier League club Newcastle United in 2021 and has signed with some of the sport’s biggest stars, such as Cristiano Ronaldo, Neymar, and Karim Benzema to play in the kingdom. Saudi Arabia is also the sole bidder to host the 2034 World Cup.
Sign up for Bloomberg’s Business of Sports newsletter for the context you need on the collision of power, money and sports.
©2024 Bloomberg L.P.