[ad_1]
PIF/Getty Images
Representatives of ATP and PIF pictured during the announcement of a new multi-year strategic partnership in Riyadh, Saudi Arabia on February 28, 2024.
CNN
—
The ATP Tour has announced a new partnership with the Saudi government-run Public Investment Fund (PIF).
The men’s professional tennis tour announced the deal Wednesday as a “multi-year strategic partnership” between the two parties.
ATP CEO Massimo Calvelli called the deal “a big moment for tennis.”
“It’s a shared commitment to driving the future of sport,” Calvelli said.
“PIF’s next-generation dedication to fostering innovation and creating opportunity for all sets the stage for a new era of transformative progress.”
Mohamed Al-Sayyad, Head of Corporate Brand at PIF, said: “This strategic partnership aligns with our broader vision to improve quality of life and drive the transformation of sport in the Kingdom and around the world. It is something,” he added.
Although Calvelli welcomed the deal with ATP, tennis greats Martina Navratilova and Chris Evert were reluctant about reports of the women’s tour WTA Finals being held in Saudi Arabia, saying such a move was unlikely. described it as a “step backwards”.
Earlier this year, Navratilova and Evert wrote in the Washington Post that they were concerned about Saudi Arabia’s record on women’s rights, human rights and LGBTQ rights.
“This is a country where not only are women not considered equal, but the current situation includes male guardianship laws that essentially make women the property of men,” the former tennis stars said. Ta.
“A country that criminalizes the LGBTQ community to the point where it can carry the death penalty. A country with a long record on human rights and fundamental freedoms that has been a matter of international concern for decades,” they said. added.
Saudi Arabia has previously denied allegations of “sportswashing,” in which countries use high-profile sporting events to project a positive image of the country around the world and divert attention from allegations of wrongdoing.
The deal with ATP is just the latest move by PIF when it comes to investing in sports around the world.
Novak Djokovic, Rafael Nadal, Daniil Medvedev, Carlos Alcaraz and Jannik Sinner will all compete in the new tennis tournament “6 Kings Slam” to be held in the Saudi capital Riyadh in October, according to the Saudi Press Agency. It’s planned.
In 2021, PIF will fund LIV Golf at a reported cost of $2 billion, seizing the sport from the US-based PGA Tour and Europe-based DP World Tour by offering large prizes. Attracted many top players. Last year, the US-based PGA Tour announced a partnership with the Saudi-backed secessionist LIV Golf.
Meanwhile, the four PIF-owned soccer teams (Al Ittihad, Al Hilal, Al Nasr and Al Ahly) spent $900 million on elite international players last year as the European summer transfer window closed. (835.1 million euros). To Transfermarkt data.
According to Saudi state media, the new signings will join five-time Ballon d’Or winner Cristiano Ronaldo, who has signed a two-year contract with Al Nasr and is expected to make a surprising estimate. Saudi state media reports that he will earn an annual salary of $200 million. Highest paid soccer player in the world.
PIF also leads the investment group that owns Newcastle United in the English Premier League. PIF took over the club in 2021.
According to the Sovereign Wealth Fund Institute, PIF is the world’s sixth largest sovereign wealth fund with assets of $776 billion.
[ad_2]
Source link
