The WTA Tour has announced a strategic partnership with CVC Capital Partners which will see the private equity firm invest $150 million (£125 million) into women’s tennis.
In return, CVC will take a 20% stake in a newly created company with the working title of WTA Ventures.
The WTA will retain full regulatory and sporting responsibility.
Investment in the women’s game is much needed, with prize money continuing to lag behind the men’s ATP Tour.
The WTA’s finances suffered significantly when CEO Steve Simon suspended all tournaments in China and Hong Kong at the end of 2021.
Peng Shuai’s allegations of sexual assault against former Chinese vice-premier Zhang Gaoli prompted the WTA to demand a transparent investigation before the tournaments could be reinstated.
As it celebrates its fiftieth anniversary, the WTA is hoping the new partnership will increase the profile of women’s tennis as well as commercial growth and the size of broadcast deals.
“This partnership with CVC brings experience, a network and capital to move our sport to the next level, embracing the ambition of our founding members, urging women’s tennis beyond its barriers and pioneering new standards for a more equitable and valuable sport,” Simon said.
CVC previously enjoyed a profitable association with Formula 1 and has recently invested in the Six Nations, Premier Rugby, Spain’s La Liga and the reigning Indian Premier League champions the Gujarat Titans.
Source – BBC Sport
