July 28 (Reuters) - The Professional Triathletes Organisation (PTO), a governing body which organises professional triathlons around the world, said on Monday that it had secured investment from Saudi Arabia-backed sports fund SURJ.

Sources close to the deal valued it at around $40 million.

"The funding will support the PTO's continued international growth, innovation in race formats, and long-term athlete and fan engagement," the PTO said in a statement.

"It will also help accelerate the PTO's expansion into the MENA region, with Saudi Arabia a likely future host market for its flagship T100 Triathlon World Tour.

"Today's announcement follows a $10 million investment from Cordillera Investment Partners in March 2025 and builds on previous rounds led by Divergent Investments, Warner Bros. Discovery, and health-focused venture fund Eckuity."

The PTO and governing body World Triathlon jointly launched the "T100" race series last year, which features races comprising a 2km swim, 80km bike and 18km run.

The series is made up of eight races and a final, which will take place in Qatar later this year.

"The PTO is redefining endurance sport for modern audiences – blending elite racing with inclusive, mass participation formats, global storytelling and community engagement," SURJ CEO Danny Townsend said in a statement.

"We're proud to support this next phase of growth and to explore how the model can inspire more people across the region to get active."

SURJ Sports Investments, a unit of Saudi Arabia's Public Investment Fund (PIF), in February said it had bought a minority stake in sports streaming platform DAZN.

Reuters reported in March that SURJ was considering investing in a new body which World Athletics may potentially set up to manage the sport's commercial rights.

Women's rights activists and members of the LGBTQ community have accused Saudi Arabia of "sports-washing" and criticise the country's human rights record, even as it pumps huge amounts of money into sports including soccer, Formula One, tennis and golf.

The country denies accusations of human rights abuses and says that it protects its national security through its laws.

(Reporting by Mitch Phillips in London, additional reporting by Aadi Nair in Bengaluru, editing by Ed Osmond)

((Aadi.Nair@thomsonreuters.com;))