(Bloomberg) -- Billionaire Len Blavatnik injected $240 million into his sports streaming company DAZN Group Ltd. this year, down by two-thirds, after losses narrowed in 2022. 

Blavatnik’s investment vehicle Access Industries Inc. made the payments in exchange for growth preference shares in DAZN, UK filings published Tuesday show. Last year, it paid $730 million.

DAZN narrowed its operating losses in 2022 by 22% to $1.06 billion while revenues jumped 41% to $2.2 billion, according to the filings.

The revenue growth came as DAZN has substantially boosted subscription fees over the last two years, following a push to buy rights for competitions such as Italy’s Serie A, which made it the second-largest football broadcaster in Europe. 

DAZN is exploring ways to raise fresh funding as it seeks to accelerate its global expansion, Bloomberg reported this month, citing people familiar with the matter. 

Blavatnik is the world’s 33rd richest man, with a net worth of $40.4 billion, according to the Bloomberg Billionaires Index. 

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