Saudi-backed fund may invest in World Athletics

A Saudi Arabia-backed sports fund is considering investing in a new body that World Athletics may potentially set up to manage the sport's commercial rights, two people with knowledge of the matter said.

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LONDON -

Athletics' global governing body has been considering the formation of a new company to manage rights and bring in cash from a new investor, the sources added.

It has reportedly held talks with SURJ Sports Investment, a unit of Saudi Arabia's Public Investment Fund (PIF), about potentially buying a stake in the entity.

One of the people said a deal could value the business at £500 million (S$859.8 million).

The sources, who spoke on condition of anonymity, cautioned that discussions are ongoing but may not lead to a transaction.

A spokesperson for World Athletics confirmed in a statement it has had approaches and discussions with organisations and financial institutions interested in partnering, but declined to comment on SURJ's interest.

"We are delighted to be in this position, even if not all discussions end in a partnership. Where partnerships are agreed, we announce them," the spokesperson said.