SAN DIEGO — CVC Capital Partners, a global private equity firm that once owned the Formula 1 racing series and has remained a major sports investor, is joining forces with women’s professional tennis.
The WTA announced Tuesday that CVC had become a commercial partner after making a $150 million investment that would give CVC a 20 percent stake in a new commercial subsidiary named WTA Ventures. The subsidiary will focus on generating revenue by managing, for example, sponsorship sales as well as broadcasting and data rights.
“Hopefully this partnership will allow us to begin addressing that valley between the commercial rights that we are able to secure and the rights that the men are able to secure,” Steve Simon, the WTA’s chairman and chief executive, said in a telephone interview from Indian Wells, Calif., where the BNP Paribas Open is set to begin this week.
Though prize money is equal for men and women at the four Grand Slam events, the gap in prize money for many stand-alone men’s and women’s events has widened in recent years. The chasm reached the highest levels in 20 years in 2022, with the men earning on average about 70 percent more than the women outside the majors.
Last year, the ATP Finals, the season-ending championships on the men’s tour, offered…
