Private equity firm CVC Capital Partners, known for their involvement in Formula 1, is among the leading contenders to acquire a portfolio of tennis assets, including two prestigious tournaments.
CVC’s investments span across various major sports, encompassing assets in La Liga, Premiership Rugby, and the Six Nations Championship.
They also have investments in the Women’s Tennis Association (WTA), which represents 1,600 female players.
CVC’s £120 million investment in the WTA led to a significant 24 percent increase in revenue within the first year of their partnership.
Now, they are aiming for further expansion, reportedly placing a £790 million bid for the Miami Open and Madrid Open.
These tournaments are highly regarded, just below the Grand Slam level, and attract top-ranked tennis stars. Recent Miami Open champions include Novak Djokovic and Carlos Alcaraz.
Rafael Nadal holds the record for the most Madrid Open titles, with five victories.
The potential acquisition may also include the Barcelona Open and a Wimbledon warm-up event at the Hurlingham Club.
Raine Group, the firm that managed the sale of a significant stake in Manchester United, is managing this current sale.
The Miami and Madrid Opens are currently owned by Endeavor Group, a sports and entertainment company led by Ari Emanuel.
Endeavor’s portfolio also includes Frieze Art Fair, another asset expected to be sold.
CVC previously held a majority stake in Formula One Group, the owners of F1, but has since reduced its shareholding.
The Miami Open is scheduled to begin on March 16, followed shortly by the Madrid Open.
Djokovic is unlikely to participate in either tournament as he pursues his 100th singles title.
Players expected at the Miami Open include Alcaraz and Alexander Zverev, while Jannik Sinner will be absent due to a doping suspension.
