In an apparent innovation for the world of sport, an athlete union could be seeking investment for itself.

According to Sportico, which has seen documents and consulted an anonymous source, the Professional Tennis Players Association (PTPA) has reached out to investment banks and financial advisors to explore the raising of up to $1 billion with which to fund a parent, or Holdco, that would control the sport’s commercial rights, broadcasts, sponsorships and governance.

The PTPA has made no decisions and remains unsure that the framework would require fresh capital, but it has set a deadline (Feb. 6) for expressions of interest from investment banks as potential advisors. Several have replied favorably.

PTPA challenges the system

The PTPA is the same union that Novak Djokovic co-founded in 2020 – with Vasek Pospisil (Canada) – and made his departure from earlier this month, no doubt over the litigious turn it has taken.

In March 2025 the PTPA and 12 players filed antitrust class-action lawsuits in the US, UK and EU against the Association of Tennis Professionals (ATP), the Women’s Tennis Association (WTA), the International Tennis Federation (ITF) and the International Tennis Integrity Agency (ITIA), calling them a cartel.

In September 2025 it amended its suit in the US to include adding four Grand Slams – Tennis Australia, AELTC/Wimbledon, FFT / French Open and USTA / US Open.

In November 2025 it began negotiating a settlement with Tennis Australia, which this month agreed to cooperate on discovery against its fellow defendants.

The quest for capital and the lawsuits are not unconnected, per the PTPA itself. The union has posted the following to its X account:

“The PTPA’s banker process is tied directly to our lawsuit and our recent settlement with Tennis Australia. It is a solutions oriented framework delivering immediate, tangible benefits for approximately 600 top men and women players. This is about reforming professional tennis.

“As outlined here, that includes increased compensation, financial security, equal pay, improved scheduling and recovery, revamped anti-doping rules, and independent player representation. These are real changes designed to impact players now while building a stronger future for professional tennis.

“There is no breakaway tour or rival league. This is about reforming tennis from within.”

Commercial arm

As we’ve reported, the PTPA already has a commercial affiliate, called Winners Alliance, designed to generate off-court revenues – through name, image and likeness (NIL) – for players and their agents. It was established in 2022 with $26 million raised by Pershing Square Capital Management and its founder, Bill Ackman, who has ever since served as Winners Alliance’s Chairman.

Winners Alliance’s CEO is Ahmad Nassar, who has a long history with NIL. His very handle on X is @ahmad4athletes.

As President of a similar commercial arm, for the National Football League Players Association (NFLPA), Nassar helped establish REP Worldwide (“Representing Every Player”), in 2017, and served as its first Chairman.

Drawing on this experience, he then co-founded and spent three years with OneTeam Partners, a joint venture established in 2019 between the NFLPA, the Major League Baseball Players Association (MLBPA) and RedBird Capital Partners. OneTeam has since embraced the Women’s National Basketball Players Association (WNBPA), the U.S. Women’s National Team (USWNT) Players Association and the Major League Soccer Players Association (MLSPA).

Nassar is now spearheading the PTPA’s “banker process.”

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