Billionaire Leonard Blavatnik to bankroll Dazn for 12 more months

Foxtel owner and billionaire Leonard Blavatnik has committed to underwriting sports streaming platform Dazn for another 12 months, after he's already invested $500 million in it, the Australian Financial Review reports.

Ukrainian-born Blavatnik is worth an estimated $US35 billion ($50 billion). Foxtel is owned by Dazn, and the plan is “to create a unified platform for sports broadcasts, betting, merchandise and ticketing,” says the AFR.

Access Industries, Blavatnik’s investment group, this week told the directors of DAZN Sports Media Ltd via an official letter that it will support the business for a further 12 months from September 25. 

The letter of commitment from Access Industries to Dazn is reportedly not a legally enforceable document.

However, the directors and the auditor, BDO, are acting on it considering the history of credibility of Blavatnik’s past investments.

Dazn spent $3.4 billion in April last year to acquire Foxtel, which owns streaming platforms Kayo Sports and Binge and holds the rights to broadcast some of Australia’s most popular sports with viewers.

Foxtel chief executive Patrick Delany is moving to London to become Dazn’s chief operating officer.