The Women’s Tennis Association has entered into a commercial rights partnership with CVC Capital Partners that also entails the private equity giant taking a minority stake in the WTA.
While financial details were not revealed, Sky News reports that CVC would be paying $150 million for a 20% stake in the WTA, with the firm set to establish a new company to oversee broadcasting and marketing operations.
CVC brings 25 years of experience investing in sports to this new partnership, with former and current investments in the Indian Premier league as the owner of IPL franchise Gujarat Titans, Formula 1, MotoGP, Six Nations (rugby), the French Football League (LFP), LaLiga and the International Volleyball Federation (FIVB). CVC also brings access to a broad international network of 25 local offices across Europe, Australasia and the Americas, which will be available to support the accelerated commercial growth of the sport.
Commencing this year, with a mandate mandate to drive growth of the sport, key focus areas will include providing fans with more access to the sport, investing behind the Tour brands, building player 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 money – for the benefit of the players, tournaments, and its fans.
Iga Swiatek, WTA World No.1 stated, “I am proud to be a part of the WTA, as they are committed to innovating the sport, investing in the players, and promoting us all over the world. I’m inspired to be a part of the evolution of women’s tennis and building out the next 50 years of the WTA.”
Jessica Pegula, member of the WTA Players’ Council remarked, “This is exactly what women’s tennis needs and I’m excited for what’s to come. For so long, we’ve been championing the sport for women across the world and it’s great to have the investment and belief in the players and WTA product.”
Steve Simon, WTA Chairman and CEO stated, “I am excited for the next chatopter of the WTA whose future will continue to push the growth of women’s professional tennis. It is truly fitting that we are celebrating 50 years of the WTA alongside the introduction of this landmark and historic opportunity.” Simon added, “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.”
Gemma Wright, Senior Managing Director in the Media & Entertainment team at CVC added, “Tennis is the number 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.”
Gavin Ziv, WTA Board Member and Chief Tournaments Officer at Tennis Canada stated, “This is great news for all of us committed to women’s tennis. The WTA is constantly expanding, and this investment means the opportunity for further global reach than ever before. We also want to make it easier for the fans to follow the players they love, and we believe we can bring in the necessary changes to make this all a possibility. It’s a win-win for all involved.”
Private investment bank Allen & Company LLC and international law firm Proskauer Rose LLP advised the WTA. Freshfields Bruckhaus Deringer LLP advised CVC Capital Partners.
