Saudi Arabia-backed sports activities fund weighs investing in World Athletics, sources say
The game’s governing physique has been contemplating establishing a brand new firm to handle rights and herald money from a brand new investor, the individuals mentioned.
It has held talks with SURJ Sports Investments, a unit of Saudi Arabia’s Public Funding Fund (PIF), about probably shopping for a stake within the entity, the individuals mentioned. One of many individuals mentioned a deal may worth the enterprise at 500 million kilos ($635.95 million).
The sources, who spoke on situation of anonymity, cautioned that discussions are ongoing however could not result in a transaction.
A spokesperson for World Athletics confirmed in a press release it has had approaches and discussions with organisations and monetary establishments fascinated about partnering, however declined to touch upon SURJ’s curiosity.
“We’re delighted to be on this place even when not all discussions finish in a partnership. The place partnerships are agreed, we announce them,” the spokesperson mentioned. SURJ declined to remark. Athletics is the newest sport to attract the curiosity of Saudi Arabia-backed entities, after investments in tennis, golf and soccer. SURJ final month mentioned it had purchased a minority stake in sports activities streaming platform DAZN. It additionally thought of investing in a brand new biking league in addition to a brand new boxing league final 12 months, Reuters has reported, however offers have but to materialise.
Funds raised by a deal would assist World Athletics speed up the industrial aspect of the game, together with organising new occasions, advertising and marketing and distributing more money to stakeholders, the individuals mentioned.
World Athletics is underneath strain to innovate as outsiders search for a chunk of the pie.
Former Olympic 400 and 200m champion Michael Johnson is planning a brand new skilled monitor competitors, Grand Slam Observe, to host 4 “slams” a 12 months from this April.
Britain’s multi-Olympic gold medalist distance runner Mo Farah has put his title behind one other new sequence of races known as RunGP, with occasions held on Method One race circuits, beginning in Doha in Could.
World Athletics’ President Sebastian Coe has often mentioned his sport must work onerous to “keep related” for the subsequent technology of followers.
He set out plans final 12 months to carry a brand new competitors known as the World Athletics Final Championship each two years, starting in 2026 with a document prize pot of $10 million, so as to add to the competitors calendar.
The game was additionally the primary to supply prize cash on the Olympics, with Paris 2024 gold medalists banking $50,000.
