O2O2
  • Latest
  • Basketball
  • Football
  • Baseball
  • Soccer
  • Golf
  • Hockey
  • Tennis

Subscribe to Updates

Get the latest creative news from O2 about Sports.

What's Hot

Bronny James, Son of LeBron James, Is Stable After Cardiac Arrest

25 July 2023

The president of Norway’s federation, a rare woman of influence in soccer, is speaking up.

25 July 2023

A Continental Competition, All in One Neighborhood

25 July 2023
Facebook Twitter Instagram
Our Shop
O2O2
Facebook Twitter Instagram
  • Latest

    Bronny James, Son of LeBron James, Is Stable After Cardiac Arrest

    25 July 2023

    A Continental Competition, All in One Neighborhood

    25 July 2023

    Women’s World Cup: New Zealand Takes Aim at Another First

    25 July 2023

    Kylian Mbappé Is Target of Record Offer From Saudi Arabia’s Al Hilal

    24 July 2023

    Women’s World Cup Scores and Schedule

    24 July 2023
  • Basketball

    Review: ‘Flex’ Hits the Right Rhythms on the Court and Off

    22 July 2023

    Why Basketball Is So Popular Off Broadway

    18 July 2023

    Aliyah Boston of the Indiana Fever Has Officially Arrived

    17 July 2023

    Inside the NBA’s Version of Comic-Con

    15 July 2023

    Nikki McCray-Penson, Basketball Star and Coach, Dies at 51

    9 July 2023
  • Football

    Aaron Rodgers Is Now a Jet (and Becoming a New Yorker, Too)

    24 July 2023

    With Aaron Rodgers, Jets Enter Era of Expectation

    21 July 2023

    N.F.L. Fines Snyder $60 Million for Sexual Harassment and Withholding Revenue

    21 July 2023

    Saquon Barkley and Giants Cannot Agree to Long-Term Deal

    18 July 2023

    C.R. Roberts, Scoring Sensation in Milestone Game, Dies at 87

    17 July 2023
  • Baseball

    Fred McGriff and Scott Rolen Are Inducted Into Baseball Hall of Fame

    24 July 2023

    Hall of Fame: Fred McGriff and Scott Rolen Are Connected in Their Contrast

    21 July 2023

    Corbin Carroll and Elly De La Cruz to Face off in Cincinnati-Arizona Series

    20 July 2023

    Randy Bass and Alex Ramirez are Inducted Into Japanese Baseball Hall of Fame

    20 July 2023

    Carl Erskine Shares Insights on Musial, Aaron and Mays

    17 July 2023
  • Soccer

    The president of Norway’s federation, a rare woman of influence in soccer, is speaking up.

    25 July 2023

    New Zealand wants to build on ‘Fern Fever.’ Norway needs a comeback.

    25 July 2023

    Norway’s Lise Klaveness Is Calling Out FIFA From the Inside

    24 July 2023

    England has been strong but shaky going into this tournament.

    23 July 2023

    Women’s World Cup: Sweden, the Netherlands and France Make Their Entrances

    23 July 2023
  • Golf

    Brian Harman Romps to British Open Victory at Royal Liverpool

    24 July 2023

    Why Hasn’t The British Open Ever Been Played in Wales?

    23 July 2023

    Jon Rahm Roars Up The British Open Leaderboard To Contend On Sunday

    22 July 2023

    Harman Charges to British Open Lead as McIlroy Seeks Elusive Magic

    21 July 2023

    Names Old and New Top British Open Leaderboard

    20 July 2023
  • Hockey

    The Mind is Willing, So the Body Doesn’t Have Much Choice

    24 July 2023

    Vegas Golden Knights Beat Florida Panthers To Win Stanley Cup

    14 June 2023

    South Florida’s Heat and Panthers Chase N.B.A. And N.H.L. Titles

    9 June 2023

    The Hockey Championship the U.S. Men Just Can’t Seem to Win

    29 May 2023

    The Miami Heat Might Blow a 3-0 Series Lead

    29 May 2023
  • Tennis

    ‘Break Point’ Just Might Be the Best Way to Watch Tennis

    19 July 2023

    At Wimbledon, Is It Time for Hawk-Eye Live to Replace the Line Judges?

    18 July 2023

    Jessica Pegula Draws Inspiration From Her Mother’s Healing. It’s Mutual.

    17 July 2023

    Elina Svitolina Of Ukraine One Match Away From Wimbledon Final

    17 July 2023

    Elina Svitolina Aims for a Wimbledon Singles Final Against Jabeur or Sabalenka

    17 July 2023
O2O2
Home»Tennis»CVC Capital Partners Will Invest $150 Million in WTA

CVC Capital Partners Will Invest $150 Million in WTA

o2@inaim.comBy o2@inaim.com8 May 2023No Comments5 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
07tennis-wta-top-fclj-facebookJumbo.jpg
Share
Facebook Twitter LinkedIn Pinterest Email

SAN DIEGO — CVC Capital Partners, a global private equity firm that once owned the Formula 1 racing series and remains a major sports investor, is joining forces with women’s professional tennis.

The WTA announced Tuesday that CVC has become a commercial partner after it made a $150 million investment giving it a 20% stake in a new commercial subsidiary named WTA Ventures. Subsidiaries will focus on revenue generation, including sponsorship sales and management of broadcasting and data rights.

WTA Chairman and CEO Steve Simon said: “We hope this partnership will allow us to address the chasm between the commercial rights we can secure and the rights that men can secure. I hope so.” The BNP Paribas Open kicks off this week in Indian Wells, Calif.

Prize money is equal for men and women in the four Grand Slam events, but the difference in prize money between many independent men’s and women’s events has widened in recent years. Inequality will reach its highest level in 20 years in 2022, with men earning on average about 70% more than non-major women.

Last year, the season-ending ATP Finals on the men’s tour offered $14.75 million in prize money. Her WTA Finals, the equivalent women’s event, presented her $5 million, and her No. 1 player in women’s singles, Iga Swiatek, expressed disappointment at the disparity.

With no tournaments in China, the WTA is losing significant revenue. Tour made a big presence there, signing her a lucrative 10-year deal to host her WTA Finals in Shenzhen. Her $14 million prize was offered in her first year as host in 2019. With the coronavirus pandemic beginning in 2020, the WTA has suspended all Chinese tournaments in late 2021 due to sexual assault allegations by Peng Shuai, a former Chinese player who remains in China.

The WTA has said it will not resume tournaments in China until it has direct contact with Peng and Chinese authorities conduct a full and transparent investigation into her allegations.

Simon said Monday that neither condition has been met and the WTA continues to seek multi-year deals to host the WTA Finals in other cities in case the China window remains closed. Said there was

“We will make a decision at the end of this month,” he said.

Simon said he hopes the new CVC partnership will lead to a short-term increase in prize money at Tour events. “You will certainly see plans for that, which will be announced soon,” he said.

Most of all, though, he said, CVC’s investment will allow the Tour to invest more in marketing women’s games and producing or commissioning media shows that raise awareness for players and tournaments.

“Telling stories, building brands and reaching consumers directly are some of the key things that I think we have to do better than we are doing now to improve our commercial performance.” “As we improve our commercial results, it makes it much easier to discuss things like player compensation.”

Simon said most of the WTA’s current rights contracts will expire in 2026. Refused to disclose a timetable as to when the tour will receive her $150 million investment in CVC.

“But it’s certainly not a drip effect,” he said. “There is a lot of money coming in over the next few years that will allow us to invest at unprecedented levels.”

Simon said the CVC deal was not directly related to the drop in China’s revenues. “This was not done because of China,” he said. “I had the concept of introducing capital investment into the company for years, but I felt it needed to be taken to the next level.”

Simon, however, has only recently gained support for the move from the WTA Board, reiterating that the WTA still has autonomy despite its contract with the CVC.

“The way we set it all up, WTA Tour Inc. hasn’t changed,” he said. “The WTA still has 100% control over governance, regulation and calendar issues.”

However, he acknowledged that officials from the tour and CVC will stay in touch to ensure the WTA’s decision does not hurt commercial opportunities.

“Absolutely,” he said. “But the WTA has full control over both organizations and can make decisions as it sees fit.”

CVC will not be represented on the WTA Board, but will have two of the eight seats on the new WTA Ventures Board chaired by Simon.

Based in Luxembourg, CVC was founded in 1981, has 25 offices worldwide and manages over $100 billion. The WTA investment is relatively modest compared to his more than $2 billion spent to acquire his 10% stake in the commercial sector of Spain’s main football league, La Liga, in 2021. CVC will also pay him more than $700 million to acquire the Indian Premier League’s Ahmedabad cricket franchise in 2021, and an additional approximately $700 million to acquire his 14.3% stake in the Six Nations rugby union series in the same year. Paid $500 million. CVC agreed to sell control of Formula 1 to America’s Liberty Media in 2016.

Tennis has had some spectacular failures with outside investors. In 1999, Swiss-based marketing firm ISL Worldwide signed him to a 10-year deal with the ATP for $1.2 billion, but it went bankrupt two years later. In 2018, the International Tennis Federation signed a 25-year, $3 billion deal with Spanish investment group Cosmos, a radical change to the Davis Cup team event, but this year the partnership fell apart.

CVC has held talks with the ATP, but its investment in tennis is limited to the women’s game. At this point.

Simon continues to support convergence and has expressed interest in merging the ATP and WTA at some stage.

“If we can get it all together, this deal with CVC will allow us to do that,” said Simon.

Capital CVC Invest Million Partners WTA
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
o2@inaim.com
  • Website

Related Posts

N.F.L. Fines Snyder $60 Million for Sexual Harassment and Withholding Revenue

21 July 2023

‘Break Point’ Just Might Be the Best Way to Watch Tennis

19 July 2023

At Wimbledon, Is It Time for Hawk-Eye Live to Replace the Line Judges?

18 July 2023

Leave A Reply Cancel Reply

Don't Miss

Bronny James, Son of LeBron James, Is Stable After Cardiac Arrest

Latest 25 July 2023

NBA star LeBron James’ son, LeBron James Jr., was rushed to the hospital for intensive…

The president of Norway’s federation, a rare woman of influence in soccer, is speaking up.

25 July 2023

A Continental Competition, All in One Neighborhood

25 July 2023

New Zealand wants to build on ‘Fern Fever.’ Norway needs a comeback.

25 July 2023
Stay In Touch
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo
Our Picks

Yogi Berra on the Field: The Case for Baseball Greatness

8 May 2023

Yoga Keeps Kevon Looney of the Golden State Warriors Grounded

10 May 2023

Yankees Wait for Aaron Judge Injury News After Dodgers Series Win

5 June 2023

Yankees Game Postponed Because of Smoke From Wildfires

7 June 2023

Subscribe to Updates

Get the latest creative news from O2 about Sports.

About Us
About Us

Welcome to o2.cc, your ultimate destination for the latest world sports news and updates! We are dedicated to bringing you the most up-to-date information on all your favorite sports, including football, basketball, tennis, cricket, and more.

Facebook Twitter Pinterest YouTube WhatsApp
Our Picks

Bronny James, Son of LeBron James, Is Stable After Cardiac Arrest

25 July 2023

The president of Norway’s federation, a rare woman of influence in soccer, is speaking up.

25 July 2023

A Continental Competition, All in One Neighborhood

25 July 2023
New Comments
    © 2023 O2. All Rights Reserved
    • About us
    • Contact Us
    • Advertise With Us
    • Privacy Policy
    • Disclaimer

    Type above and press Enter to search. Press Esc to cancel.

    We are using cookies to give you the best experience on our website.

    You can find out more about which cookies we are using or switch them off in .

    O2
    Powered by  GDPR Cookie Compliance
    Privacy Overview

    This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

    Strictly Necessary Cookies

    Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

    If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.