Triathlon-PTO announces investment by Saudi Arabia-backed sports fund
Sources close to the deal valued it at around $40 million.
"The funding will support the PTO's continued international growth, innovation in race formats, and long-term athlete and fan engagement," the PTO said in a statement.
"It will also help accelerate the PTO's expansion into the MENA region, with Saudi Arabia a likely future host market for its flagship T100 Triathlon World Tour.
"Today's announcement follows a $10 million investment from Cordillera Investment Partners in March 2025 and builds on previous rounds led by Divergent Investments, Warner Bros. Discovery, and health-focused venture fund Eckuity."
The PTO and governing body World Triathlon jointly launched the "T100" race series last year, which features races comprising a 2km swim, 80km bike and 18km run.
The series is made up of eight races and a final, which will take place in Qatar later this year.
"The PTO is redefining endurance sport for modern audiences – blending elite racing with inclusive, mass participation formats, global storytelling and community engagement," SURJ CEO Danny Townsend said in a statement.
"We're proud to support this next phase of growth and to explore how the model can inspire more people across the region to get active."
SURJ Sports Investments, a unit of Saudi Arabia's Public Investment Fund (PIF), in February said it had bought a minority stake in sports streaming platform DAZN.
Reuters reported in March that SURJ was considering investing in a new body which World Athletics may potentially set up to manage the sport's commercial rights.
Women's rights activists and members of the LGBTQ community have accused Saudi Arabia of "sports-washing" and criticise the country's human rights record, even as it pumps huge amounts of money into sports including soccer, Formula One, tennis and golf.
The country denies accusations of human rights abuses and says that it protects its national security through its laws.
(Reporting by Mitch Phillips in London, additional reporting by Aadi Nair in Bengaluru, editing by Ed Osmond)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
12 minutes ago
- The Star
Satellite group SES beats revenue forecast as defence spending rises in Europe
FILE PHOTO: Satellite model is placed on SES logo in this picture illustration taken April 4, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo (Reuters) -European satellite company SES reported second-quarter revenue above market expectations on Thursday, buoyed by its strong backlog of government contracts, and reiterated its guidance for 2025. "We have a robust pipeline of Government opportunities supported by increased defence spending in Europe," CEO Abdel Al-Saleh said in a statement. The Luxembourg-based company signed 690 million euros ($789.15 million) worth of new contracts in the first half of 2025, with a gross backlog of 4.2 billion euros at the end of the period. Its total revenue reached 469 million euros in the second quarter, ahead of analysts' 464 million euro forecast provided by SES. ($1 = 0.8744 euros) (Reporting by Leo Marchandon in Gdansk, editing by Milla Nissi-Prussak)
The Star
12 minutes ago
- The Star
Tennis-Rune hopes to reap rewards of short training block with Agassi
FILE PHOTO: Jul 29, 2025; Toronto, ON, Canada; Holger Rune (DEN) plays a shot against Giovanni Mpetshi Perricard (FRA) during second round play at Sobeys Stadium. Mandatory Credit: Dan Hamilton-Imagn Images/File Photo (Reuters) -World number nine Holger Rune said his brief collaboration with Andre Agassi had given him a unique insight into how the eight-times Grand Slam champion viewed the game and hopes to use the advice he received to take his game to the next level. Rune announced himself as one of the sport's most promising young talents three years ago by winning his first Masters title in Paris after beating four top-10 players and defeating Novak Djokovic in the final. However, the 22-year-old has had limited success since, winning just two more titles and failing to advance beyond the quarter-final stage at the Grand Slams. With fellow young guns Carlos Alcaraz and Jannik Sinner now dominating the game's biggest events, Rune turned to American great Agassi earlier this month in Washington for a three-day training block. "It was insane. I've never met a guy who sees tennis that way and I found it interesting," Rune told the Tennis Channel at the Canadian Open in Toronto. "He makes things simple on the court. Sometimes tennis can be a difficult sport and sometimes it can be a very easy sport. There's always a reason why it's this or that. "Some of the advice he gave me was very helpful. To share those three days, for him to get a look at my game, it was just amazing. My coach Lars (Christensen) appreciated it too, they talked a little bit and we're still in touch." Rune said Agassi's tactics had struck a chord with him even though the Dane never watched him play growing up. "I've watched so many YouTube clips with him on how he was taking the ball early," Rune added. "It was so clear to see how he was making life easy for himself on the court ... it was a bit before my time so I didn't grow up watching Andre. But to look back at how tennis was then was really interesting to see." Rune beat Giovanni Mpetshi Perricard in Toronto and next plays Alexandre Muller as he builds up for the August 24-September 7 U.S. Open. (Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Peter Rutherford)
The Star
12 minutes ago
- The Star
Soccer-Gyokeres plays down Henry comparisons after taking Arsenal number 14 shirt
FILE PHOTO: Soccer Football - Pre-Season Friendly - Arsenal v Newcastle United - National Stadium, Singapore - July 27, 2025 Arsenal's Viktor Gyokeres is introduced on the pitch before the match REUTERS/Caroline Chia/File Photo (Reuters) -Arsenal striker Viktor Gyokeres said he wants to carve out his own place in the club's history and has played down comparisons with Thierry Henry after taking the number 14 jersey. The 27-year-old Sweden international, who bagged 54 goals in all competitions last season, completed his 63.5 million euros ($72.56 million) switch from Sporting on Saturday. Gyokeres took Arsenal's vacant number 14 shirt, which former captain Henry famously wore on the way to becoming the club's record scorer. "Of course I know about the history," Gyokeres told British media on Wednesday. "To be honest, there weren't so many numbers available. There weren't too many to pick from. "But of course, that one was available. So when I knew that, it was an easy choice to take it. "It's not really my intention to be compared with what he's achieved in his career. Especially here. I just want to do my own thing and show my qualities. Of course he was an amazing player, but different from me." Arsenal begin their new Premier League campaign at Manchester United on August 17. ($1 = 0.8751 euros) (Reporting by Pearl Josephine Nazare in Bengaluru; Editing by Peter Rutherford)
