Women's Tennis Association partners with CVC to advance commercial growth of women's tennis

• The Women's Tennis Association has partnered with CVC Capital Partners in an effort to advance the commercial growth of the sport.

The Women's Tennis Association (WTA) on Tuesday announced a partnership with CVC Capital Partners to "further elevate the profile of women's tennis and to accelerate commercial growth for the benefit of the fans, players, tournaments and other stakeholders in the game," according to a release.

The Associated Press reported that CVC will contribute $150 million for a 20% stake in WTA Ventures LLC, a private company resulting from the partnership.

Founded by Billie Jean King in 1973, the WTA is the principal organizing body of women's professional tennis. CVC, a Luxembourg-based private equity firm, has invested in Formula One, Moto GP, the French Football League, La Liga, and a number of other professional sports leagues.

"The WTA has a strong legacy of empowering female athletes over the last 50 years," WTA Chairman and CEO Steve Simon said in a statement to Insider. "Welcoming CVC as our newest ally builds on the incredible momentum and collaboration we've seen from progressive brands these last few years. With a united vision for equality from our global partners like title sponsor and women's health innovator Hologic, financial services firm Morgan Stanley, workplace mental health partner Modern Health, wearable partner WHOOP, and longstanding technology partner SAP, the WTA's future and next 50 years of women's tennis is very bright."

The WTA detailed the terms of its partnership with CVC in a release on Tuesday:

"It is truly fitting that we are celebrating 50 years of the WTA alongside the introduction of this landmark and historic opportunity," Simon said in the release. "This partnership with CVC brings experience, a network and capital to move our sport to the next level, embracing the ambition of our founding members, urging women's tennis beyond its barriers and pioneering new standards for a more equitable and valuable sport."

"I am proud to be a part of the WTA, as they are committed to innovating the sport, investing in the players, and promoting us all over the world," WTA world No. 1 player Iga Swiatek said in the release. "I'm inspired to be a part of the evolution of women's tennis and building out the next 50 years of the WTA."

"This is exactly what women's tennis needs and I'm excited for what's to come," Jessica Pegula, WTA world No. 4 player and member of the WTA Players' Council, said in the release. "For so long, we've been championing the sport for women across the world and it's great to have the investment and belief in the players and WTA product."