Sports streaming service DAZN is seeking to raise at least $500 million from investors for expansion and meet the bill of lavish spending on sports media rights.
Goldman Sachs Group Inc. is working on the fundraising, Bloomberg.com has reported quoting anonymous sources privy to the “private matter”.
A $1 billion partnership with Matchroom Boxing and a $365 million deal with boxer Canelo Alvarez are prominent among major spending of the company which is operating in nine countries, including the German, Japan and US markets.
DAZN, seeking multiple distribution deals in Italy, earlier this year had also tie-up with Italian broadband operator Fastweb in August this year.
The company earlier had signed Neymar Jr as its global brand ambassador in February this year.
Streaming service’s billionaire owner Len Blavatnik has so far backed the DAZN’s expansion. It seems that business tycoon with a reported $25.5 billion net worth is no more keen on carrying on with the funding at his own.
DAZN began as part of Perform Group Ltd., a London-based company Blavatnik formed in 2007. Perform acted as a middleman for content, buying rights to games and data from sports teams, and packaging them for broadcasters.
The businesses were separated, and Blavatnik sold Perform earlier this year to Vista Equity Partners.