Surj Sports Investment, the sports investment unit of Saudi Arabia's sovereign wealth fund (PIF), has acquired a minority stake in billionaire Len Blavatnik’s DAZN sports streaming service in an agreement that could radically change the sports content ecosystem in the Middle East.

In October, a PIF spokesperson said it had “no current plans to invest" in DAZN, which has bought the rights to FIFA's Club World Cup.

SURJ, a sports-focused division of Saudi Arabia's sovereign wealth fund, has finalized a minority investment in London-based media firm DAZN.

Saudi Arabia’s Surj Sports Investment has confirmed that it has taken a minority stake in streaming platform Dazn and entered into a joint venture aimed at showing more events taking place in the kingdom.

Saudi Arabian firm SURJ Sports Investment has agreed to buy a minority stake in DAZN. The deal will establish DAZN as an official streaming and broadcast partner for both live and on-demand content for Saudi sporting events.

SURJ Sports Investment has agreed to take a minority stake in DAZN, which is likely to result in more Saudi-backed sports events appearing on the streaming service.

Surj Sports Investment, the sport investment unit for Saudi Arabia’s sovereign wealth fund, acquired a minority stake in British global sports media provider DAZN to form DAZN MENA. The deal involves Saudi Arabia’s PIF paying DAZN USD 1 billion in exchange for 10% of the company.

DAZN recently acquired Australian broadcaster Foxtel for £1.7 billion. It also acquired the rights to FIFA’s the Club World Cup for a reported $1 billion, which it has announced it will air for free. FIFA and Saudi Arabia have grown close ties recently, with the nation awarded the 2034 men’s World Cup.

The sports investment arm of Saudi Arabia’s sovereign wealth fund is buying a minority stake in billionaire Len Blavatnik’s streaming service Dazn Group, which holds the broadcasting rights of some of Europe’s top-tier football leagues.