Saudi Arabia, long on the lookout for a global platform to showcase its sporting ambitions, is nearing the end of its search.
The Persian Gulf kingdom is close to acquiring up to a 10 percent stake in DAZN, a sports-only network that has been privately funded by the billionaire businessman Len Blavatnik, according to three people familiar with the discussions who spoke on the condition of anonymity because no deal has been announced. Saudi Arabia has in recent years moved from a standing start to become the biggest investor across the sports industry — buying into an array of leagues, teams and stars to upend the economics of many sports.
The deal, which will lead Saudi Arabia, through a unit of its sovereign wealth fund, to spend more than a billion dollars, has been under discussion for at least a year, according to the three people, as the cash-hemorrhaging business and the Saudis forged a closer link.
The network, which is available as a streaming platform and on cable networks worldwide, is already the biggest partner for Saudi Arabia’s growing portfolio of sports properties, including its soccer league, tennis championships and top-tier boxing events.