Will PIF & ATP Tour Officially Announce Co-Investments?
Saudi Arabia’s bid to change the landscape of sport across the world shows no sign of stopping, as the Saudi-backed Public Investment Fund have opened talks about investing in the ATP Tour. Talks are ongoing, but a deal looks incredibly likely based on the fact that the PIF already has a financial interest in some of the biggest sports.
The news hasn’t been well-received by all, with multiple-time Grand Slam winner John McEnroe publically dispelling the case that tennis needs further investment and has claimed that the Saudis are attempting to sports wash.
The talks between the head of the ATP Tour and PIF are only at an early stage, but there was certainly confidence from ATP boss Andrea Gaudenzi that a deal could be reached.
They claimed that ‘positive’ talks had been held, and claimed that the financial support doesn’t mean that they can rip up the rule book like they have in golf. Reports surrounding the PIF ATP Tour broke just hours before it was expected to be announced that the NextGen Finals would be moving to Jeddah at the end of this year.
But, Gaudenzi’s comments surrounding the potential deal do point to the fact that the ATP Tour will be looking to avoid another golf scenario, as the chair claimed that the tour would like to work with the ‘current stakeholder, rather than against it.’
As part of any deal, the Kingdom will look to move tennis events to the Middle East. However, tennis fans fearing that one of the esteemed Grand Slam events could be moving to the Gulf can rest assured that it won’t be happening, as the ATP has no control over the Australian Open, U.S. Open, French Open, and Wimbledon.
However, the latest reports have claimed that the most likely change to the schedule could come in the form of the ATP Finals, which are the most likely event to move to Saudi Arabia if any agreement is reached. Currently, the season-end event takes place at a new location at the conclusion of the campaign, with Italy hosting the previous event.
But, the groundwork was certainly put in place by the ATP Tour last year as a number of the world’s best players were allowed to take part in an exhibition tournament called the Diriyah Cup in the Middle East.
It would be fair to say that the reaction to the PIF ATP Tour news has been mixed. Current world number one Carlos Alcaraz has welcomed the additional funding to the tour, as the Spanish star claimed that he would happily compete in the Middle East.
Meanwhile, 2022 Wimbledon finalist Nick Kyrgios is also open to competing in the competition after he claimed that he wished to be ‘signed up. The Australian admitted on social media that the move would finally see players in the tennis main events paid what they are deserved.
However, the news hasn’t been widely praised by former players, with John McEnroe claiming the deal is ‘comical.’ Meanwhile, Chris Evert agreed with the former Grand Slam champion, as she claimed that it was ‘sportswashing’ and that tennis doesn’t ‘need to go there.’
It should come as little surprise that a PIF ATP Tour has been put forward, given that the Kingdom has already invested in some of the world’s biggest sports. However, it has taken some of the shine off an exciting time on the tennis calendar, as bettors have been studying the latest tennis odds and making tennis picks for Wimbledon.
Saudi Arabia could yet make more headlines over the summer, as an investment in the NBA is incredibly likely, while the Gulf country is investing heavily in some of the world’s biggest soccer stars, with Cristiano Ronaldo, Karim Benzema, and N’Golo Kante among the players that have moved to the Middle East this summer.
LIV Golf has also made constant headlines since emerging, but the golf civil war could be reaching its final stages after a merger was agreed upon earlier this year. The PIF investments could also spread to Formula 1, with reports claiming that the fund could be set to make an $18 billion move to buy the rights.
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