Foxtel’s parent company DAZN has secured another $500 million in funding from billionaire Leonard Blavatnik, who has also pledged to continue financially supporting the global sports streaming business for another 12 months.

Blavatnik, whose personal fortune is estimated at US$35 billion (A$50 billion), has invested approximately US$7.4 billion in DAZN over the past decade as the company attempts to build a global sports entertainment platform combining live streaming, wagering, ticketing and merchandise.

Despite that investment, DAZN remains dependent on financial backing from Blavatnik’s Access Industries, according to financial documents lodged in the United Kingdom.

Accounts filed by DAZN Limited, a subsidiary of the wider group, reveal that Access Industries has issued a letter of intent outlining plans to provide financial support for another year from September 25.

Although the commitment is not legally enforceable, the documents highlight Access Industries’ long history of funding the business.

The investment group provided DAZN with a US$610 million loan during 2025, followed by a further US$360 million so far in 2026.

The financial statements also reveal that DAZN Limited recorded a £772 million (A$1.48 billion) loss for the year ending December 31, 2025, following several years of operating losses and substantial cash outflows.

However, DAZN has stressed that the accounts cover only a portion of its operations and do not reflect the financial performance of the entire group.

The figures also exclude Foxtel, which is expected to lodge its Australian financial accounts shortly.

Despite the subsidiary’s losses, DAZN chief executive Shay Segev maintains the broader business is making significant progress towards financial sustainability.

Segev recently claimed the group achieved positive earnings before interest, tax, depreciation and amortisation (EBITDA) of more than US$100 million in 2025, with that figure potentially reaching US$250 million in 2026.

The company has yet to publish its consolidated financial results for 2025.

Segev has also suggested DAZN could pursue a stock market listing within the next 18 months to three years, although no firm timetable has been established.

The latest financial developments come approximately 18 months after DAZN completed its $3.4 billion acquisition of Australian pay television giant Foxtel in April 2025.

The deal gave DAZN control of Foxtel’s subscription television operations and streaming platforms Kayo Sports and Binge, along with valuable broadcasting rights to major Australian sporting competitions including the AFL, NRL and cricket.

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

Meanwhile, speculation about Foxtel’s future intensified earlier this month after reports emerged that Australian wagering company Tabcorp had held preliminary discussions with DAZN about potentially acquiring the business.

Tabcorp was reportedly examining the possibility of a major transaction that would significantly expand its involvement in sports broadcasting and entertainment.

However, Segev moved quickly to reassure Foxtel employees that DAZN was not preparing to sell the Australian operation.

In an internal message, he said the company was extremely pleased with Foxtel’s integration and remained focused on investing in its long-term growth.

DAZN has also been restructuring its international corporate operations, shifting its headquarters from London to the Cayman Islands.

Corporate records indicate that Foxtel’s Australian parent company, NXE Australia, is now owned by Cayman Islands-based DAZN Cayman Midco Limited.

Access Industries remains the controlling shareholder in DAZN, with News Corp, Telstra and Saudi Arabia’s Public Investment Fund, through Surj Sports Investment, holding minority interests.

Blavatnik’s latest financial commitment provides further support for DAZN as it works to improve profitability, expand its international sports streaming business and potentially prepare for a future public listing.