NEW YORK and LOS ANGELES, March 9, 2023 – Proskauer, a leading international law firm, today announced that it advised the Women's Tennis Association (WTA) in a strategic partnership with CVC Capital Partners (CVC). The partnership will help continue to elevate the profile of women's tennis and accelerate commercial growth of the sport for the benefit of the fans, players, tournaments and other stakeholders in the game. CVC's investment in the partnership is thought to be the largest investment in a single property in the history of women's sports.
Founded by Billie Jean King 50 years ago on the principle of equal opportunity, the WTA has built tennis to be the global leader in women's professional sports with a worldwide audience of nearly 900 million. It is one of the few sports today where women and men compete on the same stage.
Starting this season, CVC will be the WTA's commercial partner, investing capital indirectly via its managed funds and acting as a catalyst to drive growth of the sport. The partnership's focus areas will include providing fans with more access to the sport, building player and tournament profiles, and investing in digital platforms and commercial capabilities. The WTA will continue to own the majority interest in the partnership and retain full regulatory and sporting responsibility for the women's game.
The Proskauer team was led by Sports Law group co-chair (and former Firm Chair) Joe Leccese and partners Jon Oram (Sports Law) and Kristian Herrmann (Mergers & Acquisitions). It also included partner Brad Ruskin (Commercial Litigation); partner Wai Choy (Technology, Media & Telecommunications); associate Arthur Burke and law clerk Eric Zilber (Sports Law); associates Nathaniel Liebes and Alexander Smith (Mergers & Acquisitions); and partner Amanda Nussbaum and special tax counsel Amy Zelcer (Tax).