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Women’s tennis can look forward to hundreds of millions of dollars in rain. According to various media reports, Luxembourgish financial company CVC is investing a 20 percent share, the equivalent of approximately CHF 141 million ($150 million), for its confirmed participation in the WTA tour.
“This partnership with CVC brings experience, network and capital to take our sport to the next level, push women’s tennis beyond its former boundaries and set new standards in the sport,” said WTA President Steve. Simon about the deal. The cash injection comes at the right time for the WTA. Due to the cancellation of tournaments in China and Hong Kong due to the public fate of former pro player Peng Shuai, the organization, which spans 70 events worldwide, has suffered high revenue losses.
However, the primary goal of the new partnership following an upcoming inventory and situation analysis is for the WTA to increase the prize money at its tournaments. The success bonuses for men and women are identical in the four Grand Slam tournaments (Melbourne, Paris, Wimbledon, New York), but in the independent competitions, the WTA still lags behind its men’s counterpart ATP. Last year the difference between prize money was 70 percent, the biggest difference in the last 20 years.
CVC is a powerful investor and well-known player in the sports business. The company recently invested billions in the Spanish football championship and was previously one of the owners of Formula 1. In recent weeks, CVC has also been in talks as a potential buyer of shares in a media subsidiary of the German Football League (DFL). rights. (AFP)
Source : Blick
I’m Emma Jack, a news website author at 24 News Reporters. I have been in the industry for over five years and it has been an incredible journey so far. I specialize in sports reporting and am highly knowledgeable about the latest trends and developments in this field.
