Qatar Sports Investments (QSI) has reached a deal to acquire the World Padel Tour (WPT), the oldest global professional padel tour, from Spanish brewing powerhouse Damm’s Setpoint Events.
Under this agreement, the WPT will be combined with the QSI-owned Premier Padel to form a single global professional padel tour. The tour, which will be called Premier Padel, will be governed by the International Padel Federation (FIP). Financial terms of the agreement were not released.
“This is a historic moment for the sport of padel,” Nasser Al-Khelaïfi, the chairman of QSI and Premier Padel, said in a statement. “As the fastest-growing sport globally, QSI is proud to be at the heart of driving the development of padel professionally worldwide, always placing the players at the center of our mission to grow the sport everywhere.”
The new tour will kick off in 2024. Until the end of 2023, the separate WPT and Premier Padel tours will be played as scheduled.
QSI, which also owns Ligue 1’s Paris Saint Germain, launched Premier Padel in 2022. Within its first year, over 500 players worldwide competed in tournaments in five cities. The tour was expanded to eight cities in 2023. According to the organizers, the inaugural 2022 tour has broadcast agreements that cover over 180 countries and attracted 22.7 million views on YouTube.
World Padel Tour (WPT) started in 2013 and has been the prominent padel circuit, featuring over 26 men’s and women’s tournaments across six countries. A total of 510 men and 317 women compete in the circuit, which is broadcast in more than 150 countries.
While WPT has a total prize fund of $121,000, Premier Padel has $568,000.
There have been disputes between the two leagues. When players signed with WPT, their contracted barred them from playing in other leagues.
According to Politico , last year, the world’s top padel players and FIP jointly submitted a competition complaint to the European Commission, accusing Damm’s Setpoint Events—which runs WPT—of breaking EU law by distorting competition. WPT responded by suing players that joined Premier Padel and taking legal action against FIP, the Professional Players Association (PPA) and QSI, arguing that QSI is trying to exclude them from the market. The WPT also had filed a lawsuit in Madrid against the FIP, claiming it was deviating from its role as an impartial, non-profit regulatory body.
The global padel industry is valued at over $2 billion and is forecast to surpass $4 billion by 2026, according to a recent report from Deloitte .
There are currently 25 million people playing Padel in 110 countries, compared to 16 million two years ago.
source/content: sportico.com (headline edited)
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Starting in 2024, the World Padel Tour and Premier Padel will combine to operate as a single tour.PHOTO BY DOMENICO CIPPITELLI/NURPHOTO VIA GETTY IMAGES
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