The WTA Finals class of 2022.
The Women’s Tennis Association has partnered with CVC Capital Partners in an effort to advance the commercial growth of the sport.
CVC will contribute $150 million for a 20% stake in WTA Ventures LLC, a resulting private company.
The Women’s Tennis Association (WTA) on Tuesday announced a partnership with CVC Capital Partners to “further elevate the profile of women’s tennis and to accelerate commercial growth for the benefit of the fans, players, tournaments and other stakeholders in the game,” according to a release.
The Associated Press reported that CVC will contribute $150 million for a 20% stake in WTA Ventures LLC, a private company resulting from the partnership.
Founded by Billie Jean King in 1973, the WTA is the principal organizing body of women’s professional tennis. CVC, a Luxembourg-based private equity firm, has invested in Formula One, Moto GP, the French Football League, La Liga, and a number of other professional sports leagues.
“The WTA has a strong legacy of empowering female athletes over the last 50 years,” WTA Chairman and CEO Steve Simon said in a statement to Insider. “Welcoming CVC as our newest ally builds on the incredible momentum and collaboration we’ve seen from progressive brands these last few years. With a united vision for equality from our global partners like title sponsor and women’s health innovator Hologic, financial services firm Morgan Stanley, workplace mental health partner Modern Health, wearable partner WHOOP, and longstanding technology partner SAP, the WTA’s future and next 50 years of women’s tennis is very bright.”
The WTA detailed the terms of its partnership with CVC in a release on Tuesday:
Commencing in 2023, CVC will be WTA’s commercial partner, investing capital indirectly via its managed funds and acting as a catalyst to drive growth of the sport. Key focus areas include providing fans with more access to the sport, investing behind the Tour brands, building player and tournament profiles, and investing in digital platforms and commercial capabilities. The WTA will continue to own the majority interest in the partnership and retain full regulatory and sporting responsibility for the women’s game.
This WTA and CVC partnership has the backing of the players and tournaments, with critical changes to the Tour calendar planned that will make it easier for fans to follow their favorite players through the year. The ambition is to materially grow women’s tennis — its profile, value, and prize …read more
Source:: Business Insider