Mar 7, 2023
It looks like CVC Capital loves the Women’s Tennis Association.
The WTA announced Tuesday that the private equity company — which has more than $145 billion in assets under management — closed its $150 million investment for a 20% stake in WTA Ventures LLC, a new commercial vehicle for the organization, per the Associated Press.
The entity, which is separate from WTA Inc., will manage the sport’s commercial activities including media rights, sponsorship, licensing, NFTs, gaming, and data.
As part of the deal, CVC will be the WTA’s commercial partner, focusing on “providing fans with more access to the sport, investing behind the tour brands, building player and tournament profiles, and investing in digital platforms and commercial capabilities.”
Source: Front Office Sports