women’s tennis association (WTA) announced Tuesday a strategic alliance with the investment fund CVC Capital Partners “With the aim of further raising the profile of women’s tennis and accelerating the growth of the business for the benefit of fans, players, tournaments and other stakeholders in the game.”
“From 2023 the CVC will be a commercial partner of the WTA and invest capital indirectly through its managed funds and act as a catalyst to drive the growth of the sport,” the association reports.
The goals of this alliance include “giving fans greater access to the sport, investing behind tour brands, creating player and tournament profiles, and investing in digital platforms and business capabilities. “
The WTA, which this year celebrates its 50th anniversary, made it clear that it “will continue to own a majority stake in the association and retain full regulatory and sporting responsibility for women’s tennis.”
The main ambition of the WTA-CVC agreement is “to grow women’s tennis (its profile, value and prize money) for the benefit of players, tournaments and their fans.”
“It is truly fitting that we celebrate 50 years of the WTA at the same time as presenting this unique and historic opportunity. This partnership with CVC brings the experience, a network and capital to take our sport to the next level, embracing the ambition of our founding members. , pushing women’s tennis beyond its barriers and pioneering new standards for a more equitable and valuable sport,” said Steve Simon, WTA President and CEO, in a press release.
For the Polish Iga Swiatek, number 1 in the world, “invest in players and promote them around the world.” “I want to be part of the evolution of women’s tennis and build the next 50 years of the WTA,” she added..
American Jessica Pegula, world number 4 and a member of the WTA Players Council, believes that this deal is “exactly what women’s tennis needs.” “For a long time, 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 products,” she said.
CVC has 25 years of experience investing in sports such as Formula One, MotoGP, rugby, French soccer league, Spanish LaLiga, volleyball and cricket.
Source: La Verdad
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