London, United Kingdom – The WTA Tour have announced CVC Capital Partners will invest in the women’s tour after the private equity firm had also taken stakes in Formula One, IPL cricket and Spain’s La Liga football.
The agreement will start this year with a view to growing the sport’s profile, value and prize money.
The WTA tour includes more than 70 events annually but it has suffered financially from suspending tournaments in China and Hong Kong, after Peng Shuai’s allegations of sexual assault against a high-ranking former government official.
Earlier this year the WTA demanded a private meeting with Peng before any potential return of the circuit to China, which is opening up following the lifting of Covid restrictions.
While CVC did not give a figure for its investment, reports said it will invest $150 million for a 20 percent stake in the WTA, which was established by Billie Jean King in 1973.
“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,” WTA chairman and CEO Steve Simon said on Tuesday.
Liberty Media bought CVC’s stake from Formula One in 2016 but the firm owns an Indian Premier League franchise, and has stakes in Spain’s top-flight football league, France’s Ligue 1 and rugby’s Six Nations Championship.