WTA Tour Gets $150M CVC Investment ‘To Drive Global Growth Of The Sport’
Tuesday, March 7, 2023 at 07:56PM By Barry Janoff
March 7, 2023: Stating as their shared goal to “materially grow women's tennis – its profile, values and prize money,” the Hologic WTA Tour has unveiled a multi-platform global strategic alliance with CVC Capital Partners.
Beginning this season — the 50th anniversary of the WTA Tour — 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.
Financial terms were not shared, but the investment manager is “contributing $150 million for a 20% stake in what will be known as WTA Ventures LLC,” according to AP Sports.
“The new entity is completely separate from WTA Inc., which oversees the Tour itself, and will manage all of the sport's commercial activities, including rights for broadcast, data, gaming, sponsorship, licensing and NFTs,” per AP Sports.
WTA and CVC said 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 said it would continue to own the majority interest in the partnership and retain full regulatory and sporting responsibility for the women's game.
WTA stressed that the 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.”
"I am excited for the next chapter of the WTA whose future will continue to push the growth of women's professional tennis,” Steve Simon, WTA chairman and CEO, said via the organization. “It is truly fitting that we are celebrating 50 years of the WTA alongside the introduction of this landmark and historic opportunity.
Photo: WTA“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."
The alliance was heralded in a preview spot, “WTA + CVC,” which plays out to "Girl Is On Fire" by Alicia Keys.
Action shots of top players past and present include Billie Jean King, Serena Williams, Iga Swiatek, Jessica Pegula, Martina Navratilova, Evert, Belinda Bencic, Coco Gauff, Victoria Azarenka, Aryna Sabalenka, Caroline Garcia, Naomi Osaka,
Text offers, “Founded by Billie Jean King in 1973, the leading women’s profession sport. And it’s about to go even further . . . A new partnership: WTP + CVC. To accelerate progress innovation and investment. More digital access. More fan engagement. Building the brands tour, tournaments, players. Welcome to a new era.
This is the second financial-related move by WTA this month, which signed financial services company Morgan Stanley to a multi-year global alliance.
WTA and Morgan Stanley said they planned to “collectively accelerate their commitment to driving progress for women in sports through this partnership.”
“This partnership with CVC brings experience, a network and capital to move our sport to the next level."
CVC said it has with more than $145 billion in assets under management and 25 years of experience investing in sports, with former and current investments including Formula One, Moto GP, Rugby, the French Football League, La Liga, Volleyball and IPL Cricket.
CVC has 25 local offices across Europe, Australasia and the Americas, “which will be available to support the accelerated commercial growth of the sport.
"Obviously, the ambition is to materially grow women's professional tennis,” Simon told AP Sports. “Grow our profile, its value, the prize money,
"This arrangement is certainly going to provide for us to create more investment opportunity to our players and our tournaments."
According to Gemma Wright, CVC senior managing director-media and entertainment, via the investment firm, “Tennis is the No. 1 professional women's sport in the world, with a huge fan base and commercial opportunity. WTA and CVC will work together to innovate, grow fan engagement, and the revenues of the WTA, which we can then reinvest back into the game.”
“We could not be more excited to be supporting women's tennis and look forward to working closely together with the WTA to grow the sport globally, in collaboration with the players, tournaments and other stakeholders in the sport."
Morgan Stanley Joins WTA Tour To Build A ‘More Diverse, Inclusive Environment’
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