The correct option is 1 and 2 only. Statement 1 is accurate as the four Grand Slam tournaments (Australian Open, French Open, Wimbledon, and US Open) collaborate on an organizational level to establish joint initiatives and governance, although they maintain their individual management. Statement 2 is also correct; Grand Slam events are open to all players who meet certain rankings and age criteria, typically allowing players aged 14 and older to compete. However, statement 3 is misleading because while there are 'Wild Cards' granted to players, there is no fixed limitation on the number of wild cards issued by each tournament, as it varies each year based on the tournament’s discretion. Understanding the governance and entry criteria of Grand Slam tournaments is vital for grasping the regulatory framework of professional tennis, a relevant topic in sports management and governance studies that may appear in UPSC examinations.