Saudi investment fund PIF buys into men's tennis in 'strategic' deal with ATP / Photo: - - AFP
-
Strikes near south, east Lebanon cities after Israel evacuation calls
-
Van Nistelrooy 'motivated' to help managerless Man Utd
-
Mud and misery grip epicentre of Spain floods
-
Georgia says ruling party won disputed election, opposition calls protests
-
Harris slams 'offensive' Trump as rivals go west
-
US election, tech jitters rattle global stocks
-
Harris slams 'offensive' Trump as rivals hit western battlegrounds
-
Tsitsipas keeps ATP Finals hopes alive with gritty Paris win
-
Turkey opposition protests at mayor's arrest for 'PKK ties'
-
EU greenhouse gas emissions saw 'huge' drop in 2023
-
Musk a no-show at $1 mn giveaway US court hearing
-
Beauden Barrett starts at fly-half for New Zealand against England
-
Musk's millions: Five ways the world's richest man helps Trump
-
Spain flood death toll soars to 158
-
Harris, Trump head west in US election race countdown
-
Amorim promises 'clarification' on Man Utd manager's job on Friday
-
Macron to speak inside Notre Dame for cathedral reopening: archbishop
-
Man Utd target Amorim says no decision before Friday
-
US Fed's favored inflation gauge cools in September
-
Global stocks slide on US election, tech worries
-
All Blacks coach Robertson defends haka after jibe from England's Marler
-
French PM Barnier 'doing well' after operation
-
Two children among three dead in Ukraine airstrike
-
Spain urges flood-stricken residents to stay home during rescue
-
Nepal's day of the dog as part of Hindu celebrations
-
Not enough time in universe for monkeys to pen Shakespeare: study
-
South Africa sweep Bangladesh series with crushing innings victory
-
All Blacks recall big guns for England clash
-
Musk to appear in court as part of Trump campaign suit
-
Spain urges hard-hit regions to stay home during flood rescue
-
Sales slump 27% at carmaker Stellantis
-
Global stocks decline after weak Wall Street lead
-
French PhD student held in Tunisia: supervisor
-
Yao Ming quits after seven years as head of Chinese basketball
-
US envoys in Israel to seek Lebanon truce plan
-
EU probes shopping app Temu over illegal products
-
Spain mourns after historic floods kill 95
-
New doubt over production cuts in plastic pollution treaty
-
Top MotoGP riders want Valencia race moved after deadly floods
-
Yao Ming quits as head of China's basketball association
-
Eurozone inflation rebounds more than expected in October
-
Man Utd set to announce Amorim as new manager
-
Kong-rey among biggest typhoons to hit Taiwan in decades
-
Hong Kong economic growth misses forecast in third quarter: data
-
Bangladesh 43-4 and facing innings defeat after S. Africa onslaught
-
Snow forecast next week on Mt Fuji, at last
-
Faker: eSports legend and South Korea 'national treasure'
-
Bangladesh forced to follow on after five-star Rabada strikes
-
Sho-time! Japan fans ecstatic as Ohtani becomes World Series champ
-
90 Rohingya left 'stranded' on Indonesia beach
NYSE - LSE
| CMSC | -0.24% | 24.53 | $ | |
| BCC | 0.44% | 134.96 | $ | |
| BCE | 0.06% | 32.26 | $ | |
| BTI | 1.15% | 34.76 | $ | |
| SCS | 0.29% | 12.265 | $ | |
| NGG | -1.89% | 63.86 | $ | |
| AZN | -1.48% | 71.765 | $ | |
| CMSD | -0.2% | 24.78 | $ | |
| RBGPF | -0.13% | 60.92 | $ | |
| RIO | -1.46% | 64.95 | $ | |
| GSK | -1.15% | 36.59 | $ | |
| JRI | 0.5% | 13.115 | $ | |
| RYCEF | -5.69% | 6.86 | $ | |
| BP | 0.29% | 29.105 | $ | |
| VOD | -1.29% | 9.27 | $ | |
| RELX | -1.42% | 46.255 | $ |
Saudi investment fund PIF buys into men's tennis in 'strategic' deal with ATP
Saudi Arabia's Public Investment Fund (PIF) on Wednesday announced a "multi-year strategic partnership" with the ATP, the governing body of men's tennis, extending the kingdom's influence on international sport.
In a joint statement, the two bodies said that the partnership marked "a significant shared commitment to enhancing global tennis".
Since 2021, PIF has invested heavily in a number of major sports industries including setting up the LIV golf tour, a rival to the PGA, and purchasing English Premier League club Newcastle United.
The statement did not give details of the amount of the investment which will see PIF become the official naming partner of the ATP rankings.
PIF will also partner with ATP Tour events in Indian Wells, Miami, Madrid, Beijing and the ATP Finals, in addition to the Next Gen ATP Finals, hosted in Jeddah until 2027.
"Our strategic partnership with PIF marks a major moment for tennis," said ATP chief executive Massimo Calvelli in the joint statement.
"It's a shared commitment to propel the future of the sport. With PIF’s dedication to the next generation – fostering innovation and creating opportunities for all – the stage is set for a transformative new period of progress.”
Last year, the kingdom hosted its first ATP Tour event -- the Next Gen ATP Finals in Jeddah -- along with exhibition matches pitting Novak Djokovic against Carlos Alcaraz and Aryna Sabalenka against Ons Jabeur.
In January Rafael Nadal, winner of 22 singles Grand Slams on the men's side, was named ambassador for the Saudi Tennis Federation.
The latest investment with the ATP follows a Saudi bid to secure the WTA Finals in Riyadh, a move that drew criticism from former women's champions Chris Evert and Martina Navratilova while winning the support of current world No.6 Jabeur.
PIF has reshaped the world of golf with the LIV golf tour, a rival to the PGA, and purchased English Premier League club Newcastle United.
It also owns four football clubs in the Saudi Pro League and has spent over $885 million (820 million euros) on some of the biggest names in football to play for its teams.
The kingdom is also set to host the 2034 football World Cup.
But Saudi Arabia has been accused by its critics of "sportswashing" by using sport to improve its international reputation after widespread criticism for its human rights and environmental record.
"Through our collaboration with ATP, PIF will be a catalyst for growth of the global tennis landscape, developing talent, fostering inclusivity and driving sustainable innovation," said PIF's Mohamed AlSayyad.
P.Silva--AMWN