The Peter Thiel-backed company, which plans to hold an Olympic-style event that encourages athletes to use performance-enhancing substances, is reportedly in talks to raise around $300 million.
Enhanced Games co-founder Christian Angermeier told Bloomberg News that early discussions had taken place with several potential investors, including sovereign wealth funds, about a mix of debt and equity financing.
The company hopes to start hosting sporting events next year that are being dubbed “Olympics on steroids.”
At the training tournament, which is open to everyone, players are not subject to drug testing.
Competitions such as athletics, swimming and weightlifting are planned to be held.
The initiative was the brainchild of Aaron D'Souza, an Australian-British businessman who, along with Angermeier, led the litigation that ultimately bankrupted Gawker, the news site that published articles about Thiel.
Thiel later funded a lawsuit filed by former professional wrestler Hulk Hogan against Gawker over an unrelated article, which led to the news site's shutdown.
Officials from the International Olympic Committee and other sports organizations have denounced the plan to allow athletes to use performance-enhancing drugs, saying it goes against fair play and poses health risks.
De Souza told The Post earlier this year that doping among Olympic athletes is much more widespread than thought.
“I believe the science is on my side,” Enhanced Games co-founder Angermeyer told Bloomberg News.
He said all players taking part in the enhanced games will be allowed to take any substance approved by the Food and Drug Administration, such as anabolic steroids or growth hormones.
“If done properly, the risk is extremely low,” he said.
Enhanced Games started with about $10 million in capital, Angermeyer said.
Balaji Srinivasan, former chief technology officer of cryptocurrency exchange Coinbase, is also among the investors backing the venture.
“My body is my choice, your body is your choice,” DeSouza told The Washington Post earlier this year when asked about his philosophy on allowing athletes to juice.
“Individuals should be able to make choices about their own bodies and no one, whether it's a sports federation or a government, can tell them what to do about it,” he said.
De Souza said the Enhanced Games would eliminate bureaucracy and red tape that are a major cause of the high cost of hosting the Olympics.
He also criticized the Olympics for not paying athletes properly.
