CVC Capital Partners, a private equity firm investing in sports and generally focusing on the media and broadcasting rights linked to competitions, has acquired a minority stake in Women’s Tennis Association.
The private equity firm will be the WTA’s commercial partner and invest in areas like providing fans with more access to the sport, player profiles and digital platforms. CVC will invest $150 million for a 20 percent stake in a new vehicle called WTA Ventures, Bloomberg News reported. The WTA will retain full regulatory and sporting responsibility for the women’s game.
“The ambition is to materially grow women’s tennis – its profile, value, and prize money – for the benefit of the players, tournaments, and its fans,” the WTA said.