Saudi sovereign wealth fund to partner with men's tennis tour

Hamad Medjedovic of Serbia plays a backhand to Arthur Fils of France in the final during day five of the Next Gen ATP Finals at King Abdullah Sports City in Jeddah, Saudi Arabia, on Dec. 2, 2023.

Adam Pretty | Getty Images

Saudi Arabia’s Public Investment Fund will become the official naming partner of the ATP Rankings and will partner with ATP Tour tennis events, including the Indian Wells and in Miami, Madrid and Beijing, plus the Nitto ATP Finals under a multiyear partnership announced Wednesday.

“Our strategic partnership with PIF marks a major moment for tennis. It’s a shared commitment to propel the future of the sport,” ATP CEO Massimo Calvelli said in a press release.

A spokesperson for ATP declined to disclose the financial terms of the deal.

PIF, with estimated assets of around $700 billion, has invested in multiple sports, along with music and entertainment ventures.

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A deal to merge the PGA Tour and the Saudi-backed LIV tour is still in negotiations and there is no deadline for the talks to end. The PIF launched the LIV tour in 2022, luring away top stars from the PGA Tour, including Phil Mickelson, Dustin Johnson and Brooks Koepka, with hundreds of millions in signing bonuses.

Critics of the Saudi fund’s sports investments have claimed it is a way for the country and Crown Prince Mohammed bin Salman to gain influence in the U.S. The crown prince controls the PIF.

“PIF will be a catalyst for growth of the global tennis landscape, developing talent, fostering inclusivity and driving sustainable innovation,” said Mohamed AlSayyad, head of corporate brand at PIF, in a press release.

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Source: https://www.cnbc.com/2024/02/28/saudi-sovereign-wealth-fund-to-partner-with-mens-tennis-tour.html

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