The Enhanced Games, an Olympics-style event permitting doping and supported by billionaire Peter Thiel, is reportedly in discussions to secure approximately $300 million in funding.

Thiel cofounded Palantir Technologies Inc.'s (NYSE:PLTR) and PayPal Holdings, Inc. (NASDAQ:PYPL).

Christian Angermayer, co-founder of the London-based company, revealed in an interview that they have engaged in preliminary discussions with various investors, including sovereign wealth funds, to secure a blend of debt and equity financing for their inaugural competition scheduled for next year, reported Bloomberg.

Angermayer declined to disclose additional specifics regarding the terms.

In 2023, the Enhanced Games made a high-profile debut, announcing an annual event where athletes can use performance-enhancing drugs, Bloomberg aded.

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The organization, supported by Balaji Srinivasan, a crypto investor and former Coinbase Global, Inc. (NASDAQ:COIN) executive, features sports like track and field, swimming and weightlifting.

The concept has faced criticism from the International Olympic Committee and anti-doping authorities for its disregard of fair play and potential risks to athletes' health.

Performance-enhancing drugs are prohibited in most sports leagues and federations worldwide.

According to Angermayer, all competitors will undergo medical screenings and are limited to substances approved by the U.S. Food and Drug Administration, including anabolic steroids and growth hormones.

"I believe science is on my side," Angermayer remarked, citing anonymous surveys indicating widespread doping among athletes in competitive sports.

A prolific investor, Angermayer has supported various companies through his family office, Apeiron Investment Group, focusing on biotech, longevity, and psilocybin-based therapeutics.

Apeiron has also invested in Venezia FC and partnered with Didier Drogba's E1 Series team through its sports investment group Chiron.

The Enhanced Games started with approximately $10 million in initial capital.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Photo: Gage Skidmore via flickr