The Public Investment Fund (PIF) of Saudi Arabia, one of the largest sovereign funds in the world, announced this Wednesday the signing of "a multi-year strategic partnership" with the Association of Professional Tennis Players (ATP), in a new foray of the Arab monarchy in elite sport.
This was announced by both organizations in a joint statement, in which they defended that this agreement aims to "accelerate the growth of world tennis", although they did not offer details of the duration of said association nor did they reveal the amount of the investment.
According to the note, the PIF will become the official partner of the ATP Rankings, while the announcement of the number one ranking will be carried out by the Saudi sovereign fund at the Nitto ATP Finals that will take place in Turin until 2025.
Additionally, PIF will partner with ATP Tour events in Indian Wells, Miami, Madrid, Beijing and the Nitto ATP Finals, in addition to the Next Gen ATP Finals, which will be held in the Saudi coastal city of Jeddah until 2027, according to with the statement.
The PIF and ATP will also collaborate to "elevate the long-term future of tennis" and the Saudi sovereign wealth fund will contribute to the ATP's OneVision Strategic Plan.
"Our strategic partnership with PIF marks an important moment for tennis. It is a shared commitment to drive the future of the sport," said ATP CEO Massimo Calvelli in statements contained in the statement, adding that " “The stage is set for a new transformative period of progress.”
This new foray by Saudi Arabia into elite sport occurs at a time when the Arab monarchy is betting on investing large sums of money in football clubs, holding large competitions in the country and having the presence of athletes such as Leo Messi or Rafa Nadal as ambassadors.
