Money talks

The GIST: It turns out all the rumors are true. After much deliberation, the WTA Finals will take place in Riyadh, Saudi Arabia, from 2024 to 2026. Despite human rights concerns from women’s tennis athletes and journalists, the WTA ultimately followed the money. However, this does allow the tournament to offer a record $15.25M tournament prize, up from $9M last year.

The details: According to the WTA, the selection process took several months and involved multiple bids and “engagement with players.” The tennis tour primarily considered if prospective sites would be able to host a world-class event, could increase prize money, and were committed to growing the Finals and the women’s game.

The context: A lot has changed in Riyadh since it forbade women from participating in WWE events during 2014 to 2019. Saudi Arabia’s vision for itself as a global power player has meant investing billions in moves to transform men’s sports, along with the WTA, women’s golf’s Ladies European Tour, and soccer’s Saudi Women’s Premier League.

• Plus, the reversal of laws restricting women and girls from being student-athletes and fans has seemed to have had a pronounced effect — sports participation levels have more than tripled since 2015.

The concerns: Despite these changes, sportswashing concerns have increased as the spotlight on the country intensifies. In addition to Saudi Arabia’s persecution of feminists, atheists, and LGBTQIA+ citizens (but apparently not visitors), a recent report illustrates the legal persecution endured by Shia fans who, despite belonging to the largest religious minority, are treated as “second-class citizens.”

Zooming out: After last month’s news of a proposed PIF–backed Tour that would change tennis as we know it, the WTA’s decision makes an eventual Saudi acquisition of both tennis tours seem even more likely. Holding its prestigious season-culminating event in Riyadh signals a critical shift in WTA precedent. Watch this ace.

The GIST: The Women’s National Football Conference (WNFC) kicks off its fifth season tomorrow with some new business developments, including an expanded media partnership with Caffeine TV and the creation of a new flag football branch. This Tuesday, WNFC founder Odessa Jenkins spoke with The GIST about how it all came together.

The background: After playing DI basketball, Jenkins pivoted to playing football for three different women’s tackle leagues like the Women’s Football Alliance (WFA), where she won two championships. However, Jenkins noticed there was little opportunity for career advancement outside of playing: Only a few WFA players have become NFL coaches.

• So, she decided to gain valuable experience in the tech startup space by helping build tech company YourCause, and serving as the president of e-learning startup Emtrain and Parity’s head of business development. But football was still her passion, and seeing that there was no concerted effort to start a pro league, Jenkins did it herself.

The growth: Since its 2019 launch, the WNFC has become the first women’s tackle football league to be sponsored by a Big Three company, the first for-profit entity dedicated to women’s football, and is on track to generate seven figures. Build it up like it’s Tetris.

The approach: The league’s next growth goal is to pay its players, which Jenkins plans on doing with a $2M seed capital raise. That money will also be invested into the league’s new flag football arm and into creating an ownership model — currently, participating WNFC teams have partnerships with the league rather than owning teams as a franchise.

• “Now, how can we take on some capital and truly accelerate the growth of [events, apparel, licensing, sponsorships] and get ourselves to really become a bigger business,” Jenkins said. “That’s what the real brands are all looking for [in us].”

Zooming out: Thanks to her background as an athlete and an entrepreneur, Jenkins has been able to rapidly scale women’s football through novel partnerships with companies like Riddell and Caffeine TV. Her move to flag football is also smart: It’s where for-profit leagues like the WNFC and NFL are looking to expand ahead of the sport’s inclusion in the LA 2028 Summer Olympics.

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