Len Blavatnik Agrees $4.3 Billion DAZN Recapitalization (1)

Len Blavatnik has agreed a $4.3 billion recapitalization of DAZN, as the billionaire doubles down on his loss-making sports entertainment company and prepares to woo new investors.

Blavatnik’s Access Industries Holdings LLC, DAZN’s principal shareholder, has converted existing preference shares, retired loans and taken new equity in the company. The move clears the debt from the books of DAZN, according to a statement Friday.

“The recap sets us up nicely to bring in growth capital,” Kevin Mayer, chairman of DAZN, said in an interview.

It also shows the willingness of Blavatnik, who has a net worth of more ...