DAZN links to Saudi Arabia and the Riyadh Season sporting events company have grown stronger after the platform penned a deal with SURJ Sports Investment, a sports investment company set up by the country’s sovereign wealth fund.
There are two core terms of this partnership. Firstly, SURJ has bought a minority stake in DAZN, which could give the firm a say in the OTT sports streaming platform’s future direction. This could prove significant, as the outlet picks up more-and-more media rights deals within major sports organisations.
Secondly, the duo will launch a new joint-venture focusing on Middle Eastern sports, DAZN MENA. The JV will be tasked with capitalising on broadcasting opportunities in Saudi Arabian sports and delivering live and on-demand content from the country’s events and wider Middle East and Northern Africa.
Riyadh Season will likely be the centrepiece of these plans. DAZN is already one of the key media partners of the sports events company, most notably covering flagship world title boxing matches last year, such as the undisputed heavyweight bout between Oleksandyr Usyk and Tyson Fury.
Danny Townsend, CEO at SURJ Sports Investment, 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.”
New direction for DAZN, same direction for PIF?
The deal further cements DAZN standing as one of Saudi sports’ and the Riyadh Season’s primary broadcasting partners. This will prove significant as the Saudi state continues to pump money into sports with the goal of turning the country into a premium entertainment destination, diversifying its economy away from a reliance on fossil fuels.
The fact that SURJ has secured a minority stake in DAZN is of particular significance due to the investment firm being owned by the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, back in 2023.
PIF has become a major stakeholder in world sports, a trend which has run in apparel with the emergence of Riyadh Season as one of sports’ biggest global events. The company has diverse interests, notably owning Premier League football club Newcastle United FC.
By securing a stake and embarking on a JV with DAZN via its sports investment holding, PIF further solidifies its leading role in global sport and particularly boxing. This mirrors the Saudi state’s other interests in boxing media, with Turki Alalshikh, Chairman of the General Entertainment Authority (GEA) and a key Riyadh Season architect, having bought the historic boxing magazine ‘The Ring’ late last year.
For DAZN, meanwhile, the stake could prove a much needed financial investment as the company continues to reap high revenues but struggles to reach a profit – representing both the perks and costs of securing media rights deals with some of the world’s biggest tournaments and leagues.
Though this deal suggests a growing Middle Eastern focus for DAZN, it is important to note that its interests remain as diverse as the PIF’s. Its betting brand, DAZN Bet, is a notable example of this, and will likely have little to no contribution to any Middle Eastern efforts it embarks on due to strict prohibition of gambling in the region.
Shay Segev, CEO of DAZN, 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.”
