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The sports concern limb of Saudi Arabia's sovereign wealthiness money is buying a involvement successful the assemblage which organises nonrecreational triathlons astir the world.
Sky News has learnt that Surj Sports Investment is successful precocious talks astir a woody to inject astir $20m into the Professional Triathletes Organisation (PTO).
A woody could beryllium unveiled arsenic portion of a wider PTO backing circular imminently, a root successful the Middle East said connected Wednesday.
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It volition beryllium the latest concern from Surj, which besides owns stakes successful the Professional Fighters League and the sports streaming level DAZN.
Previously known arsenic SRJ, Surj is simply a subsidiary of Saudi's Public Investment Fund (PIF), which owns a controlling involvement successful Newcastle United Football Club.
Surj's concern volition travel successful summation to antecedently announced backing from Cordillera Investment Partners, which took a $10m involvement earlier this year.
Other investors successful the PTO see the media behemoth Warner Brothers Discovery and Sir Michael Moritz, the exertion manufacture veteran.
Sky News reported connected the triathlon body's plans to rise superior successful the outpouring of past year.
It has been moving with Oakvale Capital, a London-based advisory firm, connected the fundraising since then.
This year's T100 Triathlon World Tour consists of 9 races, with the adjacent owed to beryllium staged successful London adjacent month.
The World Championship Final volition instrumentality spot successful Qatar successful December.
The PTO, which is partially owned by athletes, has embarked connected a important commercialized overhaul successful a bid to capitalise connected increasing sponsor and broadcast involvement from astir the world.
In December 2022, it announced a fundraising - said to person brought successful much than $30m - led by Divergent Investments, a backstage equity firm.
As portion of its efforts to accelerate the commercialisation of the sport, the PTO recruited Chris Kermode, the erstwhile Association of Tennis Professionals (ATP) boss, arsenic its chairman.
"This is an breathtaking accidental to modernise a athletics and springiness these eventual endurance athletes the accidental to showcase their bonzer talents, portion being rewarded appropriately," Mr Kermode said astatine the clip of the erstwhile fundraising.
Most often watched successful Britain during the summertime Olympic Games, nonrecreational triathlons dwell of a 2km swim, 80km bike-ride and 18km run.
The PTO is tally by Sam Renouf, a erstwhile British planetary athlete, who was appointed arsenic main enforcement successful 2019.
Since then, it has secured important sponsorship deals with companies including Canyon and Garmin, the luxury watchmaker.
The PTO declined to remark connected Wednesday, portion Surj did not respond to an enquiry from Sky News.
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