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Serbia's Novak Djokovic (L) and Spain's Carlos Alcaraz Riyadh pose for a picture ahead of their Riyadh Season Tennis Cup exhibition tournament match in Riyadh, Saudi Arabia, December 27, 2023. /CFP
Saudi Arabia has made mouth-watering financial investments in various sports including football, Formula 1, boxing and golf in recent years. Now, their influence has extended to the realm of men's tennis as the Association of Tennis Professionals (ATP) has entered into a "multiyear strategic partnership" with the country's Public Investment Fund (PIF).
In a statement issued on Wednesday, ATP chief executive Massimo Calvelli expressed his enthusiasm for the partnership with PIF, stating that it represents "a major moment for tennis" and demonstrates a "shared commitment to propel the future of the sport."
This collaboration entails several key aspects. Firstly, the ATP rankings, as well as the prestigious year-end world No. 1 award, will bear the name of the fund, cementing its association with the sport. Additionally, spectators at major ATP Tour events, beginning with the highly anticipated Indian Wells tournament next month, will witness prominent on-court branding from PIF.
Moreover, PIF will take up sponsorship of prominent ATP Tour events held in Miami, Madrid and Beijing, which are part of the ATP 1000 circuit, just below the Grand Slam in terms of prestige. PIF will also lend its support to the highly anticipated season-ending ATP Finals.
Spain's Carlos Alcaraz poses with the winner's trophy after the Riyadh Season Tennis Cup exhibition tournament match in Riyadh, Saudi Arabia, December 27, 2023. /CFP
Saudi's foray into tennis was evident last year when they hosted their inaugural ATP Tour event, the Next Gen ATP Finals, in Jeddah. The tournament showcased thrilling exhibition matches featuring top-ranked players like Novak Djokovic, Carlos Alcaraz, Aryna Sabalenka and Ons Jabeur.
This latest partnership between the ATP and PIF is part of Saudi Arabia's ongoing efforts to invest in elite sports. Their successful bids to host significant football tournaments such as the 2027 Asian Cup and the 2023 Club World Cup demonstrate their ambition. In 2020, they also secured a 10-year contract to host an annual race in the country, starting from 2021.
The fresh collaboration with the ATP signifies a potential expansion of Saudi influence and investment in tennis. PIF has declared their belief that this move will "act as a catalyst for the growth and advancement of the global tennis landscape."