Saudi Arabia, long on the lookout for a global platform to showcase its sporting ambitions, is nearing the end of its search.

The Gulf kingdom is close to acquiring up to a 10 percent stake in DAZN, a sports-only network that has been privately funded by the billionaire businessman Len Blavatnik, according to three people familiar with the discussions who spoke on condition of anonymity because no deal has been announced. Saudi has in recent years moved from a standing start to becoming the biggest investor across the sports industry — buying into an array of leagues, teams and stars to upend the economics of many sports.

The deal, which will lead Saudi Arabia, through a unit of its sovereign wealth fund, to spend more than a billion dollars, has been under discussion for at least a year, according to the three people, as the cash-hemorrhaging business and the Saudis forged a closer link.

The network, which is available as a streaming platform and on cable networks worldwide, is already the biggest partner for Saudi Arabia’s growing portfolio of sports properties, including its soccer league, tennis championships and top-tier boxing events.

Sports has been a key area for Saudi Arabia ever since its de facto leader, Crown Prince Mohammed bin Salman, announced plans in 2016 to pivot the country away from its reliance on oil by diversifying its economy amid simultaneous efforts to liberalize the conservative Muslim nation.