Tennis: CVC Capital Partners acquires 20% of the new commercial company WTA Ventures for $150m

The investment fund CVC Capital Partners has become a "strategic partner" of the Women's Tennis Association on 07/03/2023. "CVC will be WTA's commercial partner, investing capital and acting as a catalyst to drive growth of the sport," said the two parties.

In effect, the Luxembourg fund will invest $150m (€140.7m) to take a 20% stake in "WTA Ventures LLC", the women's world tennis tour's new commercial company, according to the New York Times on 07/03/2023. This commercial entity will be responsible for generating revenue by "managing sponsorship sales as well as broadcasting and data rights." CVC will not have a representative on the WTA board, but will have two of the eight seats on the new WTA Ventures board, which will be chaired by Steve Simon, CEO of the WTA.

"I have had the concept for many years of bringing in some capital investment into our company, which I felt we needed to go to the next level. We have significant funding coming in that’s going to allow us to invest over the next several years at levels we've never been able to before. Hopefully this partnership will…