WTA Strikes $150 Mil Deal W/ Equity Firm, Aims To Narrow Pro Tennis Pay Gap

The Women's Tennis Association has secured the proverbial bag in a big way ... locking down a $150 million investment from the private equity firm that co-owns LaLiga, and the goal is to blow up the sport and increase player pay!

"Obviously, the ambition is to materially grow women's professional tennis. Grow our profile, its value, the prize money," WTA Chairman Steve Simon said, adding, "This arrangement is certainly going to provide for us to create more investment opportunity to our players and our tournaments."

The WTA and CVC Capital Partners formed WTA Ventures LLC. The new subsidiary will oversee all sponsorship, broadcast rights, gaming, and more.

The WTA was founded by Billie Jean King in 1973. The tour has more than 50 events yearly across the world. Unfortunately, outside of the four Grand Slams (U.S. Open, Wimbledon, French Open, Australian Open), prize money is significantly lower in the women's game. Hence the partnership.

The new deal has players hopeful that with an influx of cash and CVC's connections, the game will grow, and the money will follow.

“This is exactly what women’s tennis needs and I’m excited for what’s to come. For so long, we’ve been championing the sport for women across the world and it’s great to have the investment and belief in the players and WTA product,” number 3 ranked player Jessica Pegula said.

The daughter of the Buffalo Bills owners Terry and Kim Pegula isn't the only player pumped about the future prospects of the WTA.

Number 1 ranked player Iga Swiatek also believes the new deal could be a game changer.

“I am proud to be a part of the WTA, as they are committed to innovating the sport, investing in the players, and promoting us all over the world. I’m inspired to be a part of the evolution of women’s tennis and building out the next 50 years of the WTA.”

It's a familiar deal for Luxembourg-based CVC. A few years back, CVC struck a $2+ billion deal with LaLiga, the top soccer league in Spain. Like with the WTA, the partnership put the company in charge of sponsorship and broadcasting.