The women's tennis tour separates its commercial rights from its regulation of the sport.
What happened
CVC agreed to invest $150m for 20% of WTA Ventures, a new commercial subsidiary of the women's tennis tour. One report put the implied value of the business at $750m.
How it was structured
WTA Ventures manages commercial activity including broadcast, data, gaming and sponsorship. It is separate from WTA Inc., which keeps control of regulation and sporting matters.
Our review
Keeping commercial rights apart from sporting regulation is the structure that recurs across these deals. It gives investors a clear asset to value and leaves the running of the sport where it was.
Sources
Not RMF transactions, just general football and sports transactions. Figures are as publicly reported, and reports sometimes differ. General market commentary, not investment, legal or financial advice.