Investor Surj from Saudi Arabia takes significant steps for a $20 million involvement in a triathlon event
Surj Sports Investment, the investment arm of Saudi Arabia’s Public Investment Fund, is reportedly in advanced talks to invest approximately $20 million in the Professional Triathletes Organisation (PTO). This investment, expected to close soon, will give Surj a significant stake in the PTO, which is leading the charge to professionalize triathlon as a mainstream sport.
The PTO, known for its T100 Triathlon World Tour, a 100-kilometer swim-bike-run event format launched last year, has been working with Oakvale Capital, a London-based advisory firm, on its fundraising efforts since spring 2021. The T100 series consists of nine races, with the next due to be staged in London next month, and the World Championship Final will take place in Qatar in December.
The investment by Surj is part of a strategy to expand the T100 series and likely introduce more high-profile triathlon competitions. This move could attract top athletes and sponsors, helping to elevate triathlon competitions and make them more commercially viable and appealing to a broader audience worldwide.
In addition to its latest investment, Surj Sports Investment owns stakes in the Professional Fighters League and the sports streaming platform DAZN. The PTO has also secured substantial sponsorship deals with companies including Canyon and Garmin.
Chris Kermode, the former ATP boss, was recruited as the PTO’s chairman, and Sam Renouf, a former British international athlete, serves as the CEO, appointed in 2019. The PTO has not commented on the latest investment by Surj Sports Investment, and Surj did not respond to an enquiry about its investment in the PTO.
The implications for the triathlon sport are significant. With increased funding, the PTO can work towards increased professionalization and mainstream visibility, potentially leading to growth and expansion of triathlon events. The investment also signals growing regional and global commercial interest in the sport, contributing to the diversification of sports investment in Saudi Arabia.
With new capital and backing, the PTO can strengthen partnerships already involving Warner Bros. Discovery and venture investors, enhancing broadcasting and fan engagement. The deal could be announced as part of a wider PTO funding round soon, according to a source in the Middle East.
The investment by Surj Sports Investment is poised to accelerate the professional triathlon ecosystem and enhance its global footprint as part of Saudi Arabia’s broader sports investment and economic diversification strategy.
The Professional Triathletes Organisation (PTO) may use the $20 million investment from Surj Sports Investment to expand the T100 series, potentially introducing more high-profile triathlon competitions that could attract top athletes and sponsors. This move could also signal growing global commercial interest in triathlon, contributing to the diversification of sports investment in Saudi Arabia.
