Saudi Arabia’s Public Investment Fund (PIF) has continued its aggressive entry into tennis by securing a new partnership with the Women’s Tennis Association (WTA) governing body.
Under a multi-year agreement, the PIF has been named a global partner of the WTA and will become the first-ever naming partner of the WTA Rankings.
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The Saudi firm signed a similar deal with the ATP in February to serve as the naming partner of the men’s player rankings as part of a wide-ranging tie-up.
It will also title sponsor several ATP Tour events, most notably its season-ending ATP Finals and the youth category Next Gen ATP Finals, which will be staged in the Saudi city of Jeddah until 2027.
Alongside the finals, the PIF will title sponsor a host of prominent ATP Masters 1000 events including the Indian Wells Open, Miami Open, Madrid Open, as well as the ATP 500 China Open in Beijing.
The PIF has now become the only global partner across both the WTA and ATP Tours.
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By GlobalDataThe sovereign wealth fund is believed to have plans to merge the entities and has reportedly offered $2 billion to make this happen.
The WTA’s new deal with the PIF follows last month’s announcement that the next three editions of its showpiece season-ending WTA Finals will be held in the Saudi capital of Riyadh.
The new arrangement with the PIF also includes plans to promote tennis at lower levels of the sport.
Marina Storti, chief executive of WTA Ventures, said: “We are delighted to welcome PIF as a global partner of the WTA and our first-ever official naming partner of the WTA Rankings.
“Together, we look forward to sharing the journey of our talented players across the season, as we continue to grow the sport, creating more fans of tennis and inspiring more young people to take up the game.”
Mohamed AlSayyad, head of corporate brand at PIF, added: “Through our partnership with WTA, PIF will continue to be a catalyst for the growth of women’s sport. We look forward to working with the WTA to increase participation and inspire the next generation of talent.
“Underpinned by PIF’s four strategic sponsorship pillars, this partnership aligns with our ambition to elevate the game and bring positive growth to the sport around the world.”
Hologic, the international medical device firm, is the global title sponsor of the WTA Tour under a deal expiring at the end of this year.
At the time, the WTA called the agreement "the largest global sponsorship in WTA history."
The addition of the WTA Tour to the PIF’s sponsorship portfolio is a large one for the investment group which has prioritized sports as its preferred investment vehicle.
Research by GlobalData shows that the fund’s total spending across its five main sports of soccer, golf, motor racing, horse racing, and boxing has exceeded $7.68 billion, primarily through the group’s purchase of soccer club Newcastle United, and its breakaway golfing tour LIV Golf.
Allegations of sportswashing have been repeatedly leveled against the PIF over this time, with many claiming that the company is using its investments to shield the kingdom from public criticism of its environmental and human rights record.
Last year, the WTA agreed a strategic partnership with CVC Capital Partners, selling a stake of around 20% of its media rights to the equity fund.
