Saudi Arabia’s Public Investment Fund (PIF) has built up its links with global sports even further via a sponsorship arrangement with the ATP Tour.
The sovereign wealth fund has become the official naming partner of the ATP Rankings under the terms of the agreement. This will also see the firm present the Nitto ATP Finals in Turin, Italy, in November.
In addition, PIF will partner with ATP Tour events in Indian Wells, Miami, Madrid and Beijing alongside the aforementioned Turin finals, as well as the Next Gen ATP finals, which are due to be hosted in the Saudi city of Jeddah until 2027.
Massimo Calvelli, ATP CEO, remarked: “Our strategic partnership with PIF marks a major moment for tennis. It’s a shared commitment to propel the future of the sport.
“With PIF’s dedication to the next generation – fostering innovation and creating opportunities for all – the stage is set for a transformative new period of progress.”
In the official release covering the partnership, the duo outlined a commitment to developing and unlocking new opportunities for young tennis players and laying out player pathway initiatives.
PIF added that its sports strategy is centred around four pillars – “inclusivity, sustainability, youth and technology” – and that it will work towards achieving the ATP’s OneVision Strategic Plan, focused on driving fan engagement and scalable growth.
Mohamed AlSayyad, Head of Corporate Brand at PIF, said: “As PIF expands its portfolio of innovative sponsorships, our commitment to ‘Invested in Better’ remains unwavering.
“Through our collaboration with ATP, PIF will be a catalyst for growth of the global tennis landscape, developing talent, fostering inclusivity and driving sustainable innovation.
“This strategic partnership aligns with our broader vision to enhance quality of life and drive transformation in sport both within Saudi and across the world.”
As noted above, this is the latest in a series of high-profile sports initiatives undertaken by PIF, although as a sponsorship deal it is rather more limited than some of the fund’s more attention grabbing moves.
For most sports followers, the 2021 takeover of Premier League club Newcastle United and foundation of the LIV Golf tournament, a rival to the PGA Tour and European Tour, are the most visible examples of the fund’s sporting involvement.
Its activities go much further than this, however, with PIF conducting an investment in the Professional Fighters League (PFL) MMA tournament and mulling up the prospects of a similar investment in English Premiership Rugby.
In addition, Saudi Arabia has also made waves in boxing by hosting a number of high-profile fights, and the country’s domestic football league has also seen increased investment, attracting a number of seasoned players.
However, Saudi Arabia and PIF’s sudden involvement in sports over the past three years has been criticised by some as an example of ‘sportswashing’ by the country’s monarchy.
