Novak Djokovic’s Professional Tennis Players Association (PTPA) raised $26 million in a funding round that included billionaire and hedge fund manager Bill Ackman.
The PTPA is an organization created by the tennis player who wants to be an alternative to the Association of Professional Tennis Players (ATP).
Bill Ackman, founder and CEO of Pershing Square Capital Management, made the investment through the nonprofit Pershing Square Foundation. Ahmad Nassar, former chairman of NFL Players Inc and CEO of OneTeam Partners, who was named CEO of the PTPA, is also implicated.
The organization also announced the Winners Alliance, a business arm to create off-court business opportunities for players. Winners Alliance wants to establish a sustainable group licensing program for games, trading cards and collectibles. PTPA will launch the Player Services Platform (PSP) to enhance the journeys of professional tennis players by leveraging group buying power and brand value.
Ahmad Nassar will serve as CEO of Winners Alliance, while Bill Ackman will serve as Chairman of the Board. Christina Francis, president of Magic Johnson Enterprises, Jay Park and Muhammad Mian, co-founders of Prysm Capital, are also involved in the deal.
“Having a players’ association that cares unconditionally about all tennis players is incredibly important, and I’m privileged to have the opportunity to take this organization to the next level,” Nassar said.
PSP services will include global travel, food and accommodation discounts and other player needs, as well as benefit programs, insurance options, travel and logistics support, and a network of tax advisers and lawyers.
“Players want an independent voice and a real seat at the table. With the launch and funding of the Winners Alliance, we now have enough resources to make a material difference in the lives of players,” added Vasek Pospisil, Canadian tennis player and co-founder of the PTPA.
Djokovic announced the launch of the PTPA in 2020, with strong opposition from Roger Federer, Rafael Nadal and Andy Murray.
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