Britains Third Richest Man Injects More Millions Into Dazn As Losses Continue To Mount

Sir Leonard Blavatnik, Britain’s third-wealthiest individual, has deepened his commitment to his sports streaming venture Dazn with an additional $587 million (£438 million) investment over the past year. The injection raises Blavatnik’s total funding of the so-called “Netflix of sports” beyond a staggering $7 billion since its inception nine years ago.

Dazn, spearheading an ambitious shake-up in the global sports television landscape, has allocated sizeable resources to secure broadcast rights for boxing, basketball, and major European football fixtures—including prominent coverage in Germany and France. The platform’s expansion into sports betting further exemplifies its drive to capture varied segments of the market, though these initiatives are yet to bring Dazn into profitability.

Despite securing a $1 billion windfall earlier this year via the sale of a five per cent stake to Surj—the sports investment division of Saudi Arabia’s public wealth fund—Dazn reported a substantial loss of $962 million in 2024. This does, however, reflect an improvement from losses exceeding $1.4 billion the year prior. Revenues experienced a noteworthy 11 per cent increase, rising to $3.2 billion, a result attributed largely to subscriber growth and rising prices.

Blavatnik’s Access Industries remains the primary benefactor of Dazn. A formidable figure in global finance, Blavatnik first accrued his considerable fortune following the Soviet collapse, largely through the privatisation of assets in Russian oil and aluminium. Access Industries’ portfolio further extends to entertainment, with majority stakes in Warner Music Group, film studio A24, and the Theatre Royal Haymarket in London.

Led by chief executive Shay Segev, Dazn has now cemented its control over lucrative rights, including domestic football leagues such as the Bundesliga and Ligue 1, and has secured exclusivity for the Fifa Club World Cup in a $1 billion agreement. Growth by acquisition remains central to the business, highlighted by the $2.2 billion takeover of Australia’s Foxtel from Rupert Murdoch’s News Corp and telecoms group Telstra.

Segev guided the company through a period of rapid staff expansion, seeing employee numbers swell by 20 per cent to more than 3,100. Remuneration for Segev himself reflected this growth, rising to $5.2 million. With ambitious aspirations set on reaching one billion global users, Dazn currently claims around 20 million subscribers and a remarkable 1.2 billion hours streamed annually. As the battle for sports viewers intensifies, Blavatnik’s continued patronage will be critical in Dazn’s ongoing quest for profitability and market primacy.