Summary
The Women's Tennis Association (WTA) and Mercedes-Benz have formed a new partnership where the car maker will invest $50 million annually in women's tennis for up to 10 years. This agreement aims to support equal prize money in tennis events and is valued as the largest deal in the history of the WTA. The partnership involves private equity firm CVC Capital Partners, which is building a stake in the WTA's commercial arm.
Key Facts
- The WTA has partnered with Mercedes-Benz, with the car company investing $50 million each year for up to 10 years.
- This partnership is considered the "most significant" in the WTA's history, potentially worth up to $500 million.
- The deal aims to help achieve equal prize money for men's and women's events by 2027 and at all events by 2033.
- Billie Jean King, founder of the WTA, supports the deal, emphasizing its long-term commitment.
- Mercedes-Benz has a history of sports sponsorship, having previously sponsored the men's ATP Tour and the US Open.
- The deal was facilitated by WTA Ventures and financially supported by CVC Capital Partners, which invested $150 million in 2023.
- The WTA's financial strategy was impacted after suspending tournaments in China and Hong Kong in 2021.
- The deal follows other significant investments in women's sports, such as a $240 million media rights deal for the National Women's Soccer League.
