Saudi Arabia SURJ mulls investment in World Athletics
Saudi Arabia’s SURJ Sports Investment could invest in a new company dealing with the commercial arm of track and field body World Athletics.
It would give the Public Investment Fund subsidiary access to a portion of the profits made by the organisation that runs the World Championships and Diamond League in a deal that could value the sporting body at £500m.
Reuters states that talks have been held between the two bodies for a deal that could mimic the likes of New Zealand Rugby’s relationship with private equity giant Silver Lake and the Professional Football League of France’s agreement with CVC Capital Partners.
A spokesperson for World Athletics has confirmed that talks are ongoing with a number of parties in relation to potential partners but would not be drawn on an association with SURJ Sports Investment.
The Saudi Arabian firm confirmed a stake in broadcasting firm Dazn last month in a deal that would “unlock new broadcasting opportunities for Saudi Arabia’s growing sports sector”.
SURJ, Dazn and cycling
They are also investors in Enfield Investment Partners’ $4bn sport asset fund and have touted investments in a new cycling league and a new boxing league. Fellow Saudi entity Turki Alsheikh recently announced a new deal with TKO boxing.
A deal in the coming months would be a positive end to Lord Coe’s spell as chief of World Athletics. The former gold medalist is hoping to be elected president of the International Olympic Committee but is up against stiff opposition.
Coe has been trying to expand World Athletics’ commercial offering, creating the World Athletics Ultimate Championship to offer athletes prize money.
But it faces competition from Olympic legend Michael Johnson, whose new Grand Slam Track launches this year.