THE World Padel Tour (WPT) has suffered a hammer blow in recent days after long-term backers Rucio Investments – the family fund behind CVC, one of the world’s major investors in elite sport – has sold its stake in Setpoint Investments which owns the WPT.
This means that Estrella Damm, which until that point held 80% of shares in the circuit, has now become the sole owners of the WPT.
In another twist, and perhaps a bellwether sign, The Padel Paper can reveal that Rucio Investments are understood to have approached Premier Padel to explore investing in their new global tour, which is governed by the International Padel Federation and backed by the Professional Padel Association and QSI.
The news that Rucio are reportedly open to partner with Premier Padel is – some would suggest – a terminal blow to WPT, indicating which horse their own historic investor, and most of the padel industry, is now backing.
The news is no surprise coming after the success of the first-ever Greenweez Paris Premier Padel Major held at the iconic home of French Tennis: The Stade Roland-Garros.
In contrast, WPT is currently suing its own players €25 million, while also filing separate law suits against the International Padel Federation and the Professional Padel Association, in what some describe as a self-harming strategy.
The recent Greenweez Paris Premier Padel Major, which culminated in World No.1 Spanish super-pairing Juan Lebron and Alejandro Galan edging Argentine Gauchos Federico Chingotto and Juan Tello on the historic Court Philippe-Chatrier.
While the 16th arrondissement of Paris was flooded by over 25,000 enthralled padel fans including French football great Zinédine Zidane and a host of other celebrities from world sport and entertainment.
The Paris Premier Padel Major also enjoyed great television coverage from the Round of 16 right up to the final, with Canal+ broadcasting all of the matches on its channels across France – a first for padel.
With an impressive total of 56 teams entered in the main draw and a total 55matches played, the final was screened by more than 100 broadcasters, including a live broadcast on Sky Mix in the UK.
Following hot on the heels of the hugely successful Italy Major Premier Padel held at the historic Foro Italico, the home of the Italian Open tennis championships, the staging of these tournaments at such historic sporting venues has now undoubtedly positioned FIP and Premier Padel ahead of the WPT in the public and media consciousness.
The players have apparently voted with their feet in backing Premier Padel in the face of the mountain of litigation brought against them by WPT.
The Padel Paper also understands that WPT is facing a further lack of confidence from other stakeholders – beyond Rucio Investments and the players – with several major broadcast partners and local promoters reviewing their WPT contracts for exit options.
It has also been reported in some European outlets that the WPT circuit may conclude when players’ current contracts run down at the end of 2023. The European Commission are also known to be scrutinising the “closed league” maintained by WPT which has been likened to the closed football Super League that failed last year and cuts across the European Sports Model that is championed by the Commission.
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