The body which organises professional triathlons around the world is in talks with investors about raising tens of millions of pounds of new funding to fuel the sport’s expansion.

Sky News has learnt the Professional Triathletes Organisation (PTO) is working with advisers on plans to secure more than $40m (£31m) following a series of unsolicited expressions of interest from potential backers.

Oakvale Capital, a London-based advisory firm specialising in the sports and gaming industries, has been hired to coordinate the discussions with prospective investors, sources said on Tuesday.

The PTO, which is partly owned by athletes, has already embarked on a significant commercial overhaul, with this year’s calendar of eight events being rebranded as the T100 Triathlon World Tour.

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The races kick off this weekend in Miami, and feature locations such as Dubai, Ibiza, London and Singapore before culminating at an undisclosed location in late November.

It will also incorporate events in California and Las Vegas

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People close to the sport said the revamped calendar, which will feature 40 of the world’s top-ranked male and female triathletes, reflects growing commercial interest from around the world.

The PTO’s main existing backer is Sir Michael Moritz, one of the world’s leading technology investors.

In December 2022, it announced a fundraising – said to have brought in more than $30m – led by Divergent Investments, a private equity firm.

It also included participation in the form of a media-for-equity arrangement with Warner Bros Discovery, the global media and entertainment giant, which has had a media rights relationship with the PTO in recent years and is the sport’s anchor broadcast partner across Europe.

As part of its efforts to accelerate the commercialisation of the sport, the PTO recruited Chris Kermode, the former Association of Tennis Professionals boss, as its chairman.

One insider said the PTO’s objective was to create “the Formula One of global triathlons”.

“This is an exciting opportunity to modernise a sport and give these ultimate endurance athletes the opportunity to showcase their extraordinary talents, while being rewarded appropriately,” Mr Kermode said at the time of the previous fundraising.

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Most frequently watched in Britain during the summer Olympic Games, professional triathlons consist of a 2km swim, 80km bike-ride and 18km run.

One prospective backer said the new funding round was expected to comprise both new and existing investors, and was likely to take several months to conclude.

The PTO is run by Sam Renouf, a former British international athlete, who was appointed as chief executive in 2019.

Since then, it has secured substantial sponsorship deals with companies including Canyon and Garmin, the luxury watchmaker.

There are understood to be plans to increase the number of annual events each year from eight to 10 from 2025, further broadening exposure for commercial partners.

The final sum that will be raised through the Oakvale-led process and the PTO’s valuation were unclear on Tuesday.

The PTO has been contacted for comment.

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