Saudi Arabia’s Public Investment Fund has invested heavily in golf, soccer, and Formula 1 racing.
Topline
ATP, the men’s professional tennis tour, and Saudi Arabia’s Public Investment Fund agreed to a five-year partnership Wednesday that will make the country a major sponsor of the league, the latest in a series of moves by the kingdom to invest in professional sports.Key Facts
As part of the deal, the PIF, the Saudi wealth fund, will have naming rights for the ATP rankings which were previously sponsored by Pepperstone, an Australian online trading firm, ATP said Wednesday.
PIF will partner with ATP for other events in Beijing, Indian Wells, Madrid and Miami, ATP said in a statement.
Before Wednesday’s announcement, Saudi Arabia had a deal to host the Next Generation ATP finals—a tournament for younger players—in Jeddah from 2023 to 2027.
Surprising Fact
Women’s tennis is also exploring the possibility of partnering with the Saudis.
