The women’s tennis association (WTA) announced on Tuesday a strategic alliance with the investment fund CVC Capital Partners “With the goal of further raising the profile of women’s tennis and accelerating business growth for the benefit of fans, players, tournaments and other stakeholders in the game.”
“From 2023 CVC will be the commercial partner of the WTA and will invest capital indirectly through its managed funds and acting as a catalyst to drive the growth of the sport,” reports the association. According to SkySports, CVC has bought a 20% stake in a $750 million deal.
The goals of this alliance include “giving fans more access to the sport, reverse behind circuit markingsbuild player and tournament profiles, and invest in digital platforms and business capabilities.”
The WTA, whichHe is 50 years old this year, clarifies that “it will continue to own the majority stake in the association and will retain full regulatory and sporting responsibility for women’s tennis.” The main ambition of the WTA-CVC agreement is “to materially grow women’s tennis (its profile, value and prize money) for the benefit of the players, the tournaments and their fans.”
Materially grow women’s tennis (its profile, value and prize money) for the benefit of the players, the tournaments and their fans
“It is truly fitting that we are celebrating 50 years of the WTA alongside presenting this unique and historic opportunity. This partnership with CVC brings experience, a network and capital to take 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,” Steve Simon, WTA President and CEO, said in a press release.
The players celebrate the agreement
for the polish Iga Swiatek, number 1 in the world, “investment in the players and their promotion around the world” is important. “I want to be part of the evolution of women’s tennis and build the next 50 years of the WTA,” she adds.
the american Jessica Pegula4 in the world and a member of the WTA Players Council, believes that this agreement is “exactly what women’s tennis needs.” “For so long we have championed the sport for women around the world and it’s great to have the investment and confidence in the WTA players and product,” she says.
CVC has 25 years of experience investing in sports such as Formula One, MotoGP, rugby, the French soccer league, Spanish LaLiga, volleyball and cricket.