Saudi’s PIF Denies £1.5bn Tennis Move
Saudi Arabia’s Public Investment Fund (PIF) has denied reports it has made a $2bn (£1.5bn) offer to unite tennis’ ATP and WTA tours.
According to a report from The Telegraph on Tuesday 12th March, the chairman of the men’s Association of Tennis Professionals (ATP), Andrea Gaudenzi, briefed representatives of the nine ATP Masters 1000 tournaments on a ‘take it or leave’ offer from PIF with only 90 days to accept.
The potential £1.5bn deal would see the ATP Tour merge with the Women’s Tennis Association (WTA) and mean Saudi Arabia would host a Masters 1000 tournament in the first week of the season. That would be in direct competition with the mixed-gender United Cup team competition that is currently hosted in Australia in the lead-up to the Australian Open.
Since the initial reports on Tuesday, The Guardian has revealed that PIF sources have ‘denied there is a deadline and stressed speculation about any offers are premature as talks continue with the various bodies.’
The news comes weeks after PIF inked a five-year partnership with the ATP to become the naming rights partner of the global men’s tennis circuit’s rankings. That deal also sees PIF become a partner of ATP Tour competitions taking place in Indian Wells, Miami, Madrid and Beijing, as well as the ATP finals in Turin and the Next Gen Finals in Jeddah.
According to The Athletic, the deal means PIF has already committed up to $100m (£78m) to the sport regardless of the reported fresh offer.
Unlike PIF’s disruptive position in golf, it is thought that the fund will take a different approach in tennis by working with the existing governing bodies as part of attempts to grow participation among the general population in the kingdom.
Saudi Arabia is expected to be confirmed as the new hosts of the end-of-season finals for both the WTA and ATP tours soon.
A PIF-funded ATP Tour and WTA merger would put an end to the four grand slam’s discussions around a new Premium Tour, which would unite men’s and women’s tennis and offer equal pay to both genders.
It is thought that the ATP and WTA tours have been in negotiations over an agreement for some time.
Stay up to date with the world of sports business by subscribing to the Sport Industry Daily.
