The WTA Finals will take place in Riyadh for the next three years after Saudi Arabia struck a deal with the women’s tennis tour.
The end-of-year tournament, which features the eight best players from the WTA Tour, has not had a long-term home since a five-year deal with Singapore ended in 2018.
Prize money has been boosted to a record $15.25m (£12m), more than the sum on offer at the men’s equivalent, the ATP Finals, last year.
It is the latest prime sporting property to be snapped up by Saudi Arabia, which has poured billions of dollars into golf, boxing, football and, more recently, tennis.
“Bringing the WTA Finals to Riyadh is an exciting new opportunity for us and a positive step for the long-term growth of women’s tennis as a global and inclusive sport,” said WTA CEO Steve Simon.
“We’ve been impressed by the commitment shown by the Saudi Tennis Federation to grow the sport at all levels, and we have no doubt that players and fans can look forward to a world-class event in Riyadh as the finale to the 2024, 2025 and 2026 seasons.”
The WTA said Riyadh had been chosen over rival bids to host the WTA Finals “following a comprehensive evaluation process over several months”.
It said it had assessed all proposals for their “ability to deliver and fund a world-class event”, “support for the WTA’s ambition for significant prize money growth” and “strength of their commitment to growing the WTA Finals”.
Last year’s tournament in Cancun was overshadowed by complaints from players about organisation and conditions.
The first WTA Finals in Riyadh is scheduled to be held on 2-9 November this year, a month before the city stages the Next Gen ATP Finals, the tournament that showcases the best young players on the men’s circuit.
It comes just weeks after Saudi Arabia’s Public Investment Fund agreed a five-year deal to sponsor the ATP Tour and its world rankings.