The Enhanced Video games, a deliberate Olympics-style occasion that welcomes doping and is backed by billionaire Peter Thiel, is in talks to lift round $300 million.
The London-based firm held preliminary talks with a number of potential traders, together with sovereign wealth funds, for a mix of debt and fairness financing forward of its first competitors subsequent yr, co-founder Christian Angermayer stated in an interview. He declined to share additional particulars on the phrases.
The Enhanced Video games made a splashy debut in 2023, promising an annual occasion that permits opponents to make use of performance-enhancing medicine and options observe and discipline, swimming, weightlifting and different sports activities. The group can be backed by Balaji Srinivasan, a crypto investor and former Coinbase Inc. govt.
The idea has been slammed by the Worldwide Olympic Committee and anti-doping authorities as a violation of truthful play and harmful for athletes’ well being. Most sports activities leagues and federations globally ban performance-enhancing medicine.
“I believe science is on my side,” Angermayer stated, including that many nameless surveys have proven that doping is widespread amongst athletes in aggressive sports activities.
All opponents will required to bear medical screenings and might solely take substances permitted by the US Meals and Drug Administration, corresponding to anabolic steroids and development hormones, in response to Angermayer. “They have very, very little risk if done properly,” he stated.
A prolific investor, Angermayer has backed a variety of corporations by his household workplace, Apeiron Funding Group, in biotech and frontier fields like longevity and psilocybin-based therapeutics. Apeiron has additionally invested in soccer membership Venezia FC and partnered with the E1 Collection staff of former FC Chelsea participant Didier Drogba by its affiliated sports activities funding group Chiron.
Angermayer stated the Enhanced Video games started with round $10 million in capital.
The corporate’s co-founder and President Aron D’Souza led the litigation that bankrupted Gawker Media LLC. The $140 million invasion-of-privacy lawsuit from former professional wrestler Hulk Hogan was funded by Thiel.
Srinivasan and a consultant for Thiel didn’t reply to emails searching for remark.
The video games will function ten disciplines, together with freestyle swimming, the 100-meter sprint and fight sports activities. Whereas they don’t have a set date or location but, Angermayer stated a number of cities have expressed curiosity in internet hosting the inaugural occasion.
