The WTA Tour will move its season-ending WTA Finals to Shenzhen, China next year in a 10-year deal the circuit describes as a nearly $1BM transaction and the largest one ever in women’s sports. Shenzhen and the Gemdale Corp. will build a downtown, nearly $500M indoor tennis venue, with prize money starting at $14M annually, nearly double the amount to be awarded this November in Singapore. The main venue will hold up to 15,000. “This is a major infusion of new capital, and that is huge for us because it gives us the chance to really grow the sport,” said Micky Lawler, the WTA president who negotiated the contract. Steve Simon, the WTA CEO, in a statement, said, “This will easily be the largest and most significant WTA Finals deal in the 45 years since the WTA was founded.”
IN THE DETAILS: Many of the details remain to be sorted out, Lawler said, like, how much the WTA will receive for promotional and marketing purposes. The WTA will open an office in Shenzhen, too, and it's uncertain if that means the WTA would close its Beijing office. Lawler: “It shows our full commitment to China, and China’s commitment to us.” The WTA currently has nine events in China, including one in Shenzhen in January. The fate of that event is unclear. The WTA has 54 events globally, not including the four Grand Slams. Lawler said there are no outs in the 10-year deal because Gemdale, a leading Chinese real estate firm, needed that commitment to justify the capital spend. Shenzhen is near Hong Kong, and a WTA release going out Wednesday describes it as a metropolis with 68 million people.
