Latest news with #SaudiArabia-backed
The Star
2 days ago
- Business
- The Star
Triathlon-PTO announces investment by Saudi Arabia-backed sports fund
(Reuters) -The Professional Triathletes Organisation (PTO), a governing body which organises professional triathlons around the world, said on Monday that it had secured investment from Saudi Arabia-backed sports fund SURJ. 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)
Straits Times
2 days ago
- Sport
- Straits Times
Triathlon-PTO announces investment by Saudi Arabia-backed sports fund
Find out what's new on ST website and app. The Professional Triathletes Organisation (PTO), a governing body which organises professional triathlons around the world, said on Monday that it had secured investment from Saudi Arabia-backed sports fund SURJ. 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. Top stories Swipe. Select. Stay informed. Singapore Tanjong Katong sinkhole backfilled; road to be repaved after LTA tests Singapore Ong Beng Seng set to plead guilty on Aug 4 in case linked to ex-transport minister Iswaran Asia Gunman kills 5 security guards near Bangkok's Chatuchak market before taking own life Singapore HPB looking for vaping, smoking counselling services for up to 175 secondary school students Asia Cambodia says immediate ceasefire is purpose of talks; Thailand questions its sincerity Singapore Jail for former pre-school teacher who tripped toddler repeatedly, causing child to bleed from nose Singapore Police statements by doctor in fake vaccine case involving Iris Koh allowed in court: Judge Singapore Woman allegedly linked to case involving pre-schooler's sexual assault given stern warning "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. REUTERS
Straits Times
11-07-2025
- Sport
- Straits Times
LIV Golf takes another swing at world ranking points
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: Jun 28, 2025; Carrollton, Texas, USA; The LIV Golf logo near the first tee during the second round of the LIV Golf Dallas golf tournament at Maridoe Golf Club. Mandatory Credit: Raymond Carlin III-Imagn Images/File Photo LIV Golf is making a fresh bid to crack the Official World Golf Ranking (OWGR) after striking out two years ago, setting up another potential showdown over the Saudi Arabia-backed circuit's place in professional golf's pecking order. LIV Golf's request two years ago was unanimously rejected by OWGR due to concerns about the unconventional 54-hole format with no cuts while the events featured the same 48 players all season. They formally withdrew an application to have players receive world ranking points from its tournaments in March last year but OWGR said they received a new application on June 30 and had commenced a review process. "The OWGR Board is committed to a thorough evaluation process of all applications," Trevor Immelman, the chairman of the OWGR board of directors, said in a statement on Friday. "LIV's application will be reviewed in accordance with OWGR's criteria to ensure fairness, integrity and consistency." The stakes are high for LIV's star-studded roster as world rankings play a key role in determining entry into golf's four majors. The lack of ranking points has seen LIV Golf players tumble down the rankings, with former world number one Dustin Johnson now ranked number 957 in the OWGR. Top stories Swipe. Select. Stay informed. Singapore ST will have Govt's 'full confidence and support' in its mission to stay relevant: PM Wong Singapore ST will aim to become an indispensable partner to S'pore's communities: Editor Jaime Ho Singapore Heartbeats & Headlines: ST's 180-year legacy comes to life in immersive exhibition Singapore Trusted news, smarter experience with new Straits Times website and app Singapore Man who killed 5-year-old daughter gets life sentence after he appeals against 35-year jail term Singapore Judge declines to void alleged sham marriage in S'pore, says it is for Parliament to decide Asia Malaysian minister urges hotels to be more durian-friendly Business OCBC CEO Helen Wong to retire on Dec 31; Tan Teck Long named successor "We appreciate the interest of LIV Golf – and all Tours – in contributing to the global landscape of men's professional golf through OWGR," Immelman added. "Further updates will be provided as the review progresses." REUTERS
Time of India
03-07-2025
- Automotive
- Time of India
EV maker Lucid's quarterly deliveries rise but miss estimates
Electric automaker Lucid on Wednesday reported a 38% rise in second-quarter deliveries, which, however, missed Wall Street expectations amid economic uncertainty. Demand for Lucid's pricier luxury EVs have been softer as consumers, pressured by high interest rates, shift towards cheaper hybrid and gasoline-powered cars. Lucid delivered 3,309 vehicles in the quarter ended June 30, compared with estimates of 3,611 vehicles, according to seven analysts polled by Visible Alpha. It had delivered 2,394 vehicles in the same period last year. Saudi Arabia-backed Lucid produced 3,863 vehicles in the quarter, missing estimates of 4,305 units, but above the 2,110 vehicles made a year ago. The company stuck to its annual production target in May, allaying investor worries about manufacturing at a time when several automakers pulled their forecasts due to an uncertain outlook. U.S. President Donald Trump's tariff policy has led to a rise in vehicle prices as manufacturers struggle with high material costs, forcing them to reorganize supply chains and produce domestically. Lucid's interim CEO, Marc Winterhoff, had said in May that the company was expecting a rise of 8% to 15% in overall costs due to new tariffs. The company's fortunes rest heavily on the success of its newly launched Gravity SUV and the upcoming mid-size car, which targets a $50,000 price point, as it looks to expand its vehicle line and take a larger share of the market. Deliveries at EV maker Tesla dropped 13.5% in the second quarter, dragged down by CEO Elon Musk's right-wing political stances and an aging vehicle line-up that has turned off some buyers.>
France 24
12-06-2025
- Sport
- France 24
Reed makes only fourth albatross in US Open history
The 34-year-old American, who plays in the Saudi Arabia-backed LIV Golf League, fired his tee shot at the par-five fourth hole some 332 yards to the left side of the fairway, avoiding the Church Pew bunkers just beyond. Reed then blasted his second shot onto the green and into the hole for the first albatross in a major since Nick Watney made one in the first round of the 2012 US Open on the 17th hole at Olympic Club. The fantastic shot took Reed from one-over par to two-under par and a share of fifth. The other two times an albatross was made in US Open history were by Taiwan's T.C. Chen on the second hole of the first round of the 1985 event at Oakland Hills and by American Shaun Micheel in the final round of the 2010 US Open at Pebble Beach on the sixth hole. Reed, whose best US Open finish was fourth in 2018, was a nine-time winner on the PGA Tour. His most recent victory was last November at the Hong Kong Open.
