Private equity firm CVC Capital Partners is among the leading contenders to purchase a portfolio of tennis assets, which includes two prestigious tournaments.
CVC has a broad investment portfolio in sports, encompassing assets like La Liga, Premiership Rugby, and the Six Nations Championship.
They also have investments in the Women’s Tennis Association (WTA), representing 1,600 players.
CVC’s £120 million investment in the WTA in the first year of their partnership resulted in a significant 24 percent increase in revenue.
According to reports from Sky News, CVC is now aiming for further expansion and has made a bid of £790 million for the Miami Open and Madrid Open.
Both the Miami and Madrid Opens are highly regarded events in tennis, just below the Grand Slam tournaments, attracting top global players. Recent Miami Open champions include Novak Djokovic and Carlos Alcaraz.
Rafael Nadal holds the record for the most Madrid Open titles, with five wins.
Other tournaments potentially included in the acquisition are the Barcelona Open and a Wimbledon warm-up event at the Hurlingham Club.
Raine Group, the firm that managed the sale of a stake in Manchester United to Sir Jim Ratcliffe and Ineos, is handling this potential sale.
The Miami and Madrid Opens are currently owned by Endeavour Group, a sports and entertainment company led by Ari Emanuel.
Endeavor’s assets also include the Frieze Art Fair, a globally touring exhibition, which is also reportedly for sale.
CVC previously held a majority stake in the Formula One Group but has since reduced its ownership.
The Miami Open is scheduled to begin on March 16, with the Madrid Open following shortly after.
Novak Djokovic is not expected to participate in either tournament as he focuses on achieving his 100th singles title.
Players anticipated to compete in the Miami Open include Carlos Alcaraz and Alexander Zverev, although Jannik Sinner will be absent due to a doping suspension.
