Hamad Medjedovic of Serbia plays a backhand against Arthur Fils of France in the final on day five of the Next Gen ATP Finals at King Abdullah Sports City in Jeddah, Saudi Arabia, December 2, 2023.
Adam Pretty | Getty Images
Saudi Arabia’s Public Investment Fund will become an official naming partner of the ATP Rankings and will work with ATP Tour tennis events, including Indian Wells and in Miami, Madrid and Beijing, as well as the Nitto ATP Finals, as part of a multi-year partnership announced Wednesday.
“Our strategic partnership with PIF marks an important moment for tennis. It is a shared commitment to advance the future of sport,” said ATP CEO Massimo Calvelli in a press release.
An ATP spokesman declined to disclose the financial terms of the deal.
PIF has an estimated net worth of around $700 billion and has invested in multiple sports as well as music and entertainment companies.
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A deal to merge the PGA Tour and the Saudi-backed LIV Tour is still in negotiations and there is no deadline for the talks to end. The PIF launched the LIV Tour in 2022 and lured top stars from the PGA Tour, including Phil Mickelson, Dustin Johnson and Brooks Koepka, with hundreds of millions in signing bonuses.
Critics of the Saudi fund’s sports investments say it is a way for the country and Crown Prince Mohammed bin Salman to gain influence in the United States. The Crown Prince controls the PIF.
“PIF will be a catalyst for growing the global tennis landscape, developing talent, promoting inclusivity and driving sustainable innovation,” Mohamed AlSayyad, head of corporate brand at PIF, said in a press release.
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2024-02-28 19:06:37
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