DAZN Group in $1bn funding push

DAZN Group, the streaming service backed by billionaire Len Blavatnik, is looking to raise up to $1 billion.

It follows a period of heavy spending on sports rights.

Bloomberg reported DAZN to be in the early stages of an initial public offering, quoting “people with knowledge of the matter”. Other options are said to include a so-called special purpose acquisition company, or SPAC, and the sale of its Japanese business.

A SPAC is company with no commercial operations that is formed with the sole purpose of raising capital through an initial public offering.

A previous plan to raise $500 million through an IPO was dropped at the start of the coronavirus.

DAZN is currently available in Brazil, Spain, Germany, Austria, Switzerland, Canada, Italy, United States and Japan. It has plans to add in the region of 200 counties in the next year.

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