The Saudi Arabian sovereign wealth fund’s sports investment division is purchasing stock in the organization that hosts international professional triathlons.
According to information obtained by Sky News, Surj Sports Investment is in advanced negotiations to invest nearly $20 million in the Professional Triathletes Organization (PTO).
According to a Middle Eastern insider, a deal might soon be announced as part of a larger PTO fundraising round.
Latest financial news: Greggs’ stock falls 14%
Surj, which already has investments in the Professional Fighters League and the sports streaming service DAZN, will make this its most recent investment.
A subsidiary of Saudi Arabia’s Public Investment Fund (PIF), which holds a majority share in Newcastle United Football Club, Surj was formerly known as SRJ.
In addition to the previously disclosed money from Cordillera Investment Partners, which acquired a $10 million interest earlier this year, Surj will also invest.
Sir Michael Moritz, a veteran of the technological sector, and Warner Brothers Discovery, a media giant, are among the other investors in the PTO.
In the spring of last year, Sky News covered the triathlon organization’s attempts to generate money.
Since then, it has been collaborating on the financing with the London-based advising firm Oakvale Capital.
There are nine events on the T100 Triathlon World Tour this year, and the next one is scheduled for London next month.
