The Association of Professional Tennis Players (ATP) closed a agreement with the Saudi Public Investment Fund (PIF) with the aim of accelerating the growth of tennis. The association assures that it “will take into account players, fans, tournament organizers and other interested parties at all levels of this sport.”
As part of the agreement, the PIF will become the official sponsor of the ATP ranking, as well as the trophy that honors the best player at the end of the year, at the ATP Finals. The fund will also make its foray into four of the nine Masters 1000 of the calendar: in Indian Wells, Madrid, Beijing and Miami. Finally, the PIF will give its financial support to the ‘Baseline’ program that the ATP launched this year to promote the sporting careers of young people.
The partnership with ATP is part of ATP’s broader sponsorship platform. PIF. In addition, the fund plans to actively contribute to the ATP OneVision Strategic Plan, which seeks to foster unity, improve fan experiences and take advantage of growth opportunities that facilitate the day-to-day life of the sport.
In addition to celebrating the Next Gen Finals and the Riyadh Season Cup, with names like Carlos Alcaraz, Novak Djokovic, Aryna Sabalenka and Ons Jabeur, Saudi Arabia announced the launch of the 6 Kings Slam, an exhibition tournament in which six of the best tennis players in history and the ATP ranking.
Novak Djokovic, Carlos Alcaraz, Rafael Nadal, Daniil Medvedev, Jannik Sinner and Holger Rune will compete in Riyadh for a title of which the details are still unknown, but which is expected to be played after the US Open in 2024. The new tournament is framed in the Vision 2030 strategy, a plan approved by the Government of that country to reduce dependence on oil and diversify the kingdom’s economy.
From Saudi Arabia they argue that between 2019 and 2023 the number of federated tennis players increased by 46%. This agreement with the ATP is not the only one that has been signed with the world of tennis, since in recent months the country has signed Rafa Nadal as an ambassador. This agreement will also mean the launch of a tennis academy in that country.
Massimo Calvelli, CEO of the ATP, assured that “our strategic partnership with PIF marks an important milestone for the history of tennis, as with the fund’s dedication to the next generation, fostering innovation and creating all kinds of opportunities, the stage is set for a new transformative period characterized by progress.”
For his part, Mohamed Al Sayyad, corporate brand director at PIF, stated that as the fund “expands its portfolio of innovative sponsorships, our commitment to Invested in Better remains unbreakable.” The manager added that “Through our collaboration with the ATP, PIF will be a catalyst for the growth of global tennis”.
At the beginning of the year, The Public Investment Fund signed a collaboration agreement with Formula E, Extreme E and E1. The main objective of the project, under the name Electric 360, is to “support the growth of electric motor sports and its role in advancing the future of electric mobility,” as the competition founded by Alejandro Agag explained in a statement.
Motor competitions are not the only sporting modality that the PIF has opted for. Through SRJ, the sovereign fund invested, at the end of August 2023, US$100 million in acquiring a minority stake in the Professional Fighters League. In this way, the MMA entered the pool of sports in which the Middle Eastern country has invested.
Besides, Liv Golf stands out in the PIF sports portfolio. The competition, also known as the Super Golf League, is a professional golf circuit. It was founded in 2022 and the circuits with which it competes are PGA Tour (United States) and DP World Tour (Europe)
Source: Ambito
I am Pierce Boyd, a driven and ambitious professional working in the news industry. I have been writing for 24 Hours Worlds for over five years, specializing in sports section coverage. During my tenure at the publication, I have built an impressive portfolio of articles that has earned me a reputation as an experienced journalist and content creator.
