ATP chairman Andrea Gaudenzi said that their aim was to reschedule as many tournaments as possible and make the best out of the remaining 2020 season. (Image Credits: ATP)
ATP tour are in talks with Saudi Arabia for joint investments in men’s tennis
There have been significant investments made by Saudi Arabia in various sporting events and organizations, including the ATP (Association of Tennis Professionals) Tour.
The Saudi Arabian government has been actively pursuing sports investments as part of its Vision 2030 plan, which aims to diversify the country’s economy and promote tourism and entertainment.
In February 2020, it was announced that the city of Riyadh in Saudi Arabia would host a new ATP Tour event called the “Saudi Arabian Open” starting in 2021. However, the country isn’t only going to settle for that and are now in talks with the ATP regarding joint investments in the sport.
ATP chairman Andrea Gaudenzi revealed that he had “positive talks” with Saudi Arabia’s Public Investment Fund (PIF). The PIF has already made strides in golf and football and looks to be targeting tennis as the latest sport to receive a cash boost. Preliminary talks with an investor are far from a guaranteed outcome but the PIF’s massive quantities of funds could send Tennis the Golf (PGA) way.
Despite having fruitful discussions, Gaudenzi warned that outside investors must “stick to respecting the history of the sport and the product, working with the current stakeholder rather than against”. He also added: “You have to preserve something which is almost sacred, the rules of the game. This is not a video game, this is not a movie.” It remains to be seen how things turn out eventually in the long run.
Tennis is one of the most followed sports across the globe and it is no surprise that Tennis players are some of the highest-paid athletes in the world. Top tennis stars have several lucrative endorsement deals and sponsorships in their pocket and earn a lot by participating in various professional tournaments across the globe. However, they do not have a ‘fixed income’ yet but with the involvement of PIF, it could possibly change very soon.
The apex governing body of men’s professional tennis – the Association of Tennis Professionals (ATP) are discussing the possibility of introducing fixed income for the top players on the ATP tour. They are likely to adopt the model of the PGA Tour (Golf) and provide guaranteed annual income to the top 250-300 ranked players.
However, the ATP earns only about US$ 200 million a year, which is much less compared to the PGA Tour. Hence, if they have to pay the top 300 players, they won’t be able to do so without incurring initial losses. That is exactly why they need the PIF to bail them out. The discussions are in a primary stage and it remains to be seen how soon or if eventually the ATP manages to implement it.
More Tennis news
Follow our dedicated Tennis page for instant Tennis news and updates