CVC, which has made investments in other major sports organisations, such as Formula One, Moto GP, football leagues Ligue and La Liga, Indian Premier League cricket and other sports including rugby union and volleyball, will obtain 20 per cent of the WTA.

The deal values the WTA at $750 million (£623 million/€705 million).

As part of the deal, the WTA will gain access to CVC's international network of 25 local offices across Europe, Asia, Oceania and the Americas.

Founded in 1973 by Billie Jean King, the WTA organises 70 annual events open to 1,600 professional players from more than 80 countries.

Investments will be made for tour brands, building player and tournament profiles, with digital platforms also being improved.

The WTA will continue to manage the women's side of the sport.

Steve Simon, WTA chairman and chief executive, expressed his optimism for the future of the sport as it continues to recover from the COVID-19 pandemic, which badly hit it financially.

"I am excited for the next chapter of the WTA whose future will continue to push the growth of women’s professional tennis," he said.

"It is truly fitting that we are celebrating 50 years of the WTA alongside the introduction of this landmark and historic opportunity. 

"This partnership with CVC brings experience, a network and capital to move our sport to the next level, embracing the ambition of our founding members, urging women’s tennis beyond its barriers and pioneering new standards for a more equitable and valuable sport."

Gemma Wright, senior managing director in the media and entertainment team at CVC, believes that they have got a bargain.

"Tennis is the number one professional women’s sport in the world, with a huge fan base and commercial opportunity," she said. 

"WTA and CVC will work together to innovate, grow fan engagement, and the revenues of the WTA, which we can then reinvest back into the game. 

"We could not be more excited to be supporting women’s tennis and look forward to working closely together with the WTA to grow the sport globally, in collaboration with the players, tournaments and other stakeholders in the sport."

The world's top ranked female player Iga Świątek also shared her thoughts on the future ahead.

"I am proud to be a part of the WTA, as they are committed to innovating the sport, investing in the players, and promoting us all over the world," Świątek, winner of the French Open and US Open last year, said.

"I’m inspired to be a part of the evolution of women’s tennis and building out the next 50 years of the WTA."

Officials welcomed announcement of the new deal.

"This is great news for all of us committed to women’s tennis," Gavin Ziv, WTA Board Member and chief tournaments oficer at Tennis Canada, said.

"The WTA is constantly expanding, and this investment means the opportunity for further global reach than ever before. 

"We also want to make it easier for the fans to follow the players they love, and we believe we can bring in the necessary changes to make this all a possibility. 

"It’s a win-win for all involved."