Blavatnik $4.3bn refinancing for DAZN
February 21, 2022
DAZN, the sports streaming service, has agreed new financing arrangements with Access Industries, the holding company owned by billionaire investor Sir Len Blavatnik.
As part of a recapitalisation, Access Industries subscribed for $4.3 billion (€3.79bn) of new shares in the Group’s topco, DAZN Group Limited, converting existing preference shares and retiring shareholder loans. This left the Group without borrowings at the end of 2021.
Access has additionally subscribed for a further $250 million of new shares post-recapitalisation.
DAZN recently pulled out of the bidding to acquire BT Sport (and, with it, vaulable UK rights to Premier League and Champions League football), leaving Discovery to form a new joint venture with the pay-TV sports channels. However, DAZN does hold rights to La Liga football in Spain, Bundesliga football in Germany and Serie A football in Italy. It also has a long-term deal in place with Matchroom Boxing and a four-year contract with UEFA Women’s Champions League football.
Kevin Mayer, Chairman of the Board, DAZN Group, commented: “This backing by Access represents a strong vote of confidence in DAZN’s strategy, progress and future growth opportunities. We are also grateful for the continued support of Dentsu, our second largest shareholder. DAZN is leading the transformation of how fans engage with sport, has quickly become the world’s leading sports streaming broadcaster, and we are expecting another exciting year in 2022 as our platform diversifies into the true global destination for sports fans.”