Saudi Kingdom under Mohammad bin Salman has been searching for a worldwide stage to display its athletic aspirations for a long time. The nation’s hunt appears to be coming to a close. The Arab country is on the brink of obtaining up to 10% of DAZN stake. Len Blavatnik, a multimillionaire entrepreneur, has independently sponsored DAZN, a network dedicated exclusively to sport programs. Three individuals with knowledge of the negotiations who talked anonymously have revealed the new information.
From a beginner in the field, Saudi Arabia has emerged as the biggest shareholder in the field of sports in less than a decade. In order to disrupt the economy of numerous sporting events, Riyadh invested in an assortment of tournaments, clubs, and superstars.
Riyadh is going to allocate over $1 billion as a result of the purchase. In accordance with the sources of the new information, it has been discussed for over a year. During the time, the Saudi side and the DAZN company developed a deeper relationship. The channel is accessible on cable television systems throughout the planet and as a streaming service.
It is now the largest sponsor for Saudi Arabia’s expanding sports property holdings. These comprise of its top-tier fighting competitions, tennis titles, and soccer competition. After the de facto rulers of Saudi Arabia revealed intentions to shift the country away from a dependence on hydrocarbons, sporting have been a major focus. The monarchy intends to open up the strict Islamic country while also expanding its financial system.
Sports Propaganda Machine
Sports sector has received billions of cash as a result of their initiatives. For companies like DAZN, which is about going broke even following several years of revenues totaling over five billion dollars, it offers opportunity. Riyadh will receive an affiliate with a significant presence on several regions for the purpose of its financing. It will give sporting events and other sports-related programs an audience. Additionally, it serves as a Saudi Arabian advertisement.
DAZN did not respond, as did the wealth fund and the entity utilized for the transaction, Surj Sports Investment. The sources claim that DAZN represents one of the proposals. For the most part, it is a service that must be purchased that provides free broadcasting of Saudi material.
This action would come after DAZN declared in December that it will provide free streaming of FIFA’s Club World Cup in a few months. Director of TV at Enders Evaluation, stated that an investment such as Saudi Arabia is not like the majority of market players. The company is a research organization that focuses on the telecommunications, media outlets, and leisure industries. Saudi Arabia is more concerned with the greater prominence of its sporting holdings, especially its premier soccer league, than it is with its economic prosperity.
Years of conjecture led to Saudi Arabia’s purchase of DAZN. The venture capital fund disputed in recent months that it desired to acquire stock in the network. A few weeks ago DAZN said that it will pay around $1 billion to air a new soccer tournament for soccer’s ruling body’s teams.
