Hedge fund billionaire Bill Ackman has pledged a $10 million endowment to the Junior Tennis Champions Center (JTCC) after the International Tennis Hall of Fame declined his donation.
What Happened: Ackman took to X on Wednesday to announce the endowment.
“In a world where no good deed goes unpunished, I will do my best to attempt another good deed for the sport of tennis, now that the @TennisHalloFame has rejected our donation apparently for ‘optics,’ whatever that means,” Ackman wrote.
He then went on to praise the JTCC for its junior development program, which has produced notable players like Frances Tiafoe, Denis Kudla, and Robin Montgomery.
Ackman also highlighted the JTCC’s contribution to players who did not pursue professional careers but used their tennis skills to earn college scholarships. He also lauded the JTCC’s programs for adult beginners and the leadership of Ray Benton, who is retiring this year.
To honor Benton and the JTCC's program, Ackman committed to a $10 million endowment, which he will personally manage at no cost. The endowment will grow over time through compounding, with 5% of its future average value distributed annually to support JTCC's initiatives, he said.
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Why It Matters: Ackman’s pledge to the JTCC comes after a tumultuous week for the billionaire in the tennis world. Following a heavily criticized professional debut, Ackman was accused of attempting a quid pro quo with the International Tennis Hall of Fame.
He vehemently denied these accusations and pledged the $10 million endowment to the Hall of Fame, which has now been rejected.
Ackman and Jack Sock lost a doubles match to Bernard Tomic and Omar Jasika. The billionaire blamed nerves, stage fright, and his opponents’ “holding back” for his poor performance. Critics like former world number 1 Martina Navratilova and journalist Jon Wertheim questioned why the wildcard spot wasn't given to a lower-ranked pro.
Bloomberg’s Billionaire Index estimates Ackman’s current net worth at $8.17 billion.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
