Triathlon-PTO unveils investment by Saudi-backed sports fund

LONDON - The Professional Triathletes Organisation (PTO), a governing body which organises professional triathlons around the world, said on Monday that it had secured investment from Saudi Arabia-backed sports fund SURJ.

Sources close to the deal valued it at around $40 million.

"The funding will support the PTO's continued international growth, innovation in race formats, and long-term athlete and fan engagement," the PTO said in a statement.

"It will also help accelerate the PTO's expansion into the MENA region, with Saudi Arabia a likely future host market for its flagship T100 Triathlon World Tour.

"Today's announcement follows a $10 million investment from Cordillera Investment Partners in March 2025 and builds on previous rounds led by Divergent Investments, Warner Bros. Discovery, and health-focused venture fund Eckuity."

The PTO and governing body World Triathlon jointly launched the "T100" race series last year, which features races comprising a 2km swim, 80km bike and 18km run.

The series is made up of eight races and a final, which will take place in Qatar later this year.

"The PTO is redefining endurance sport for modern audiences – blending elite racing with inclusive, mass participation formats, global storytelling and community engagement," SURJ CEO Danny Townsend said in a statement.

"We're proud to support this next phase of growth and to explore how the model can inspire more people across the region to get active."

SURJ Sports Investments, a unit of Saudi Arabia's Public Investment Fund (PIF), in February said it had bought a minority stake in sports streaming platform DAZN.

Reuters reported in March that SURJ was considering investing in a new body which World Athletics may potentially set up to manage the sport's commercial rights.