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Golf isn’t the only sport Saudi Arabia’s Public Investment Fund is looking to tap into.
Amid negotiations with the PGA Tour, PIF is also considering investing in tennis, specifically the ATP and WTA tours, Sportico reported on Wednesday.
According to reports, PIF has no intention of taking over the tour. Instead, the funds invested will primarily be used to obtain a license to host Masters 1000 events in Saudi Arabia. ATP president Andrea Gaudenzi reportedly informed tour participants of the offer at the BNP Paribas Open in Indian Wells, California, last weekend.
Funds from the PIF could also reportedly be used for prize money, sponsorship, player expenses and a new ‘senior’ tour.
The investment is worth more than $1 billion, The Athletic reports.
The ATP/WTA meeting will be held in Madrid in May to further discuss the offers being considered by the PIF.
“The WTA is actively working with other governing bodies of professional tennis, as well as existing and potential commercial partners, to explore ways to further increase collaboration across the sport while reducing the fragmentation that currently exists. ”, the WTA said. Sportico said in a statement. “These conversations have been going on for some time, and while they are positive and constructive, there is currently no agreement across the sporting world on the desired outcome.
“In the meantime, the WTA remains focused on delivering another exciting season and executing on its growth plans, while considering the proposals put forward by Saudi Arabia and the Grand Slams.”
London’s Telegraph newspaper first reported the meeting and news of PIF’s potential investment. According to Sportico, PIF has not commented on the proposed plan, nor has the ATP Tour.
—Field Level Media
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