Title: ATP Tour Partners with Saudi Arabia’s Public Investment Fund: A New Era for Tennis or a Controversial Move?
The ATP Tour, the governing body of men’s professional tennis, recently announced a new multi-year strategic partnership with the Saudi Arabia-based Public Investment Fund (PIF). This significant collaboration was unveiled on Wednesday, with Massimo Calvelli, ATP CEO, expressing his excitement and optimism about the future of tennis.
Calvelli referred to this arrangement as a “major moment for tennis,” emphasizing the shared commitment between the ATP Tour and PIF in fostering innovation and creating opportunities. Mohamed AlSayyad, the head of corporate brand at PIF, echoed Calvelli’s sentiments, expressing their broader vision to enhance quality of life and drive transformation in sports.
This partnership comes amidst ongoing debates regarding Saudi Arabia’s efforts to disrupt the global sports scene, with tennis greats Martina Navratilova and Chris Evert expressing concern over potential hosting of the Women’s Tennis Association (WTA) Finals in Saudi Arabia. They raised valid concerns about women’s rights, human rights, and LGBTQ rights, stating that the kingdom is not a place where women are seen as equal.
Saudi Arabia has previously faced allegations of “sportswashing,” using high-profile sporting events to project a favorable image on the international stage, often overshadowing alleged wrongdoings. However, the PIF continues to invest in sports globally.
The upcoming “6 Kings Slam” tennis tournament in Riyadh is expected to feature top players like Novak Djokovic, Rafael Nadal, Daniil Medvedev, Carlos Alcaraz, and Jannik Sinner. In 2021, the PIF invested approximately $2 billion in LIV Golf, which attracted many golf stars away from the US-based PGA Tour and Europe-based DP World Tour. The US-based PGA Tour later announced a partnership with LIV Golf.
PIF’s investment in soccer clubs has been significant as well, with Al-Ittihad, Al-Hilal, Al-Nassr, and Al-Ahli spending nearly €835.1 million last year on acquiring elite international players during the transfer window. Cristiano Ronaldo, a five-time Ballon d’Or winner, joined Al-Nassr in 2021 and now earns an estimated €200 million a year, making him the world’s highest-paid soccer player.
The PIF also leads the investment group that owns English Premier League team Newcastle United, which it took over in 2021. With assets of $776 billion, the PIF is the world’s sixth largest sovereign wealth fund.
As the tennis community embraces this new partnership, it remains to be seen if the collaboration will bring about transformative progress or further controversy.
