Saudi Arabia’s sports investment group, Surj Sports Investment, is making headlines with plans to invest around $20 million in the Professional Triathletes Organisation (PTO), which oversees professional triathlons globally. This move is part of a larger funding round for the PTO, with an announcement expected soon.
Surj is in detailed discussions about this investment, which could be revealed as early as next week. This funding aims to support the PTO’s efforts to enhance the sport’s commercial appeal and attract more sponsors and broadcasters.
Surj, previously known as SRJ, is a subsidiary of Saudi Arabia’s Public Investment Fund, which also has a stake in Newcastle United Football Club. This latest investment follows a $10 million stake from Cordillera Investment Partners earlier this year. Surj has also invested in other sports ventures, including the Professional Fighters League and the streaming platform DAZN.
The PTO, partly owned by athletes, is undergoing a significant overhaul to modernize the sport. The organization has secured substantial sponsorships from brands like Canyon and Garmin and is working with Oakvale Capital, a London-based advisory firm, on its fundraising efforts. In December 2022, the PTO raised over $30 million in a funding round led by Divergent Investments, a private equity firm.
The PTO is led by Sam Renouf, a former British athlete who became CEO in 2019. Under his leadership, the organization has been focused on expanding its reach and improving the sport’s profile. Chris Kermode, the former head of the Association of Tennis Professionals, was appointed chairman to aid in this mission.
The PTO is gearing up for this year’s T100 Triathlon World Tour, which features nine races, including an upcoming event in London and a World Championship Final set for Qatar in December. The organization aims to showcase the talents of triathletes and provide them with better rewards for their efforts.
As the triathlon community watches closely, Surj’s investment could significantly impact the sport’s future, helping it gain the recognition and support it deserves on a global scale.