Djokovic co-founded player group seeks $1bn backing for new tennis tour
The lobby group co-founded by Novak Djokovic, the Professional Tennis Players Association, is seeking up to $1bn in investment to back its proposed shake-up of the professional circuit.
According to multiple reports, the PTPA has contacted more than 20 banks and financial advisory firms to drum up support for its vision, which includes a new “Pinnacle Tour” for top men and women based on fewer tournaments and increased prize money.
The move is its latest challenge to the current men’s and women’s elite circuits, the ATP and WTA Tours, and the Grand Slam events – minus the Australian Open – which it has accused in an antitrust claim of suppressing player earnings.
The Pinnacle Tour proposal promises to ease burnout concerns by limiting top players to 16 events per season and giving them a greater share of revenue. It wants a 50 per cent increase in prize money and minimum pay of $1m for top 100-ranked stars in the first year.
It would see pro tennis unite its fragmented landscape under a single entity, for which the PTPA is seeking financial backing of up to $1bn, Sportico reported. It is said to have set a deadline of 6 February for pitches to advise on next steps.
Tennis tours and Grand Slams face mutinies
Discussions over consolidation of the tennis ecosystem have been long-running but, until now, largely fruitless. A separate group of leading players is also demanding reforms from the four Grand Slams over pay, scheduling and conditions.
The PTPA was co-founded by 24-time Grand Slam-winner Djokovic and Canadian former Wimbledon doubles champion Vasek Pospisil in 2020 with a remit to advocate for players’ interests and currently represents around 600 pros.
Its efforts suffered a blow this month when Djokovic announced he had quit the group, citing concerns over governance, transparency and the use of his name and image.
But it also achieved a significant recent concession by agreeing a deal with Tennis Australia which has seen the Australian Open dropped from its lawsuit in exchange for sharing confidential information on the Grand Slams’ operations.