DAZN investor Aser explores options for stake in sports streamer

By Elvira Pollina and Amy-Jo Crowley

MILAN/LONDON, July 29 (Reuters) - Aser Ventures, the investment vehicle led by Italian businessman and former Leeds United owner Andrea Radrizzani, could sell part of its minority stake in sports streaming platform DAZN as it looks for ways to finance its expansion plans. 

Aser became a shareholder in DAZN in 2023 when the sports streaming company bought smaller rival ELEVEN Group.

"We are exploring a range of options, from pure financing to hybrid solutions and equity investments," Radrizzani, who sits on DAZN's board, told Reuters.

He said Aser would prefer partnering with "funds or family offices, particularly those that already have exposure to the sports-tech sector."

"We could use all or part of Aser's stake in DAZN to finance Aser's expansion ... as a result, our stake in DAZN could be reduced," he added.

DAZN did not immediately reply to a request for comment.

The ELEVEN deal handed Aser around 5% of DAZN, a holding valued at around $400 million at the time.

The stake became smaller over time due to a number of capital raises at DAZN, Radrizzani said, declining to disclose the current size of the holding or its value.

Backed by British-American billionaire ‌Len Blavatnik, DAZN streams a range ​of sports such as soccer, boxing, American football and baseball.

It secures broadcasting rights for live sports and relies on subscriptions for its revenue, a costly business model which has forced Blavatnik to repeatedly ⁠inject ​funds into the company, corporate filings showed.

Radrizzani said Aser was in talks with potential investors.

"Our goal is to explore strategic and financial partnerships to expand Aser's investments in the increasingly dynamic and fast-growing sports and technology sectors," he said.

DAZN cut its loss to $936 million in 2024, from $1.4 billion a year earlier, based on the latest available figures.

In June, the Financial Times reported that DAZN was overhauling its corporate structure to make it easier to raise new money and explore a possible public listing. 

(Reporting by Elvira Pollina in Milan and Amy-Jo Crowley in London; Editing by Valentina Za)