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March 3, 2025
By Evans Momodu
3 minutes read
Published 18:39 UK GMT, March 3, 2025
CVC Capital Partners, a global leader in private equity, is making a $1 billion (£790 million) bid to acquire a portfolio of elite tennis tournaments, including the Miami Open and Madrid Open, two of the most prestigious non-Grand Slam events on the ATP and WTA calendars.
According to sources familiar with the negotiations, CVC Capital Partners has emerged as one of the leading contenders in the sale process being managed by The Raine Group. The firm is bidding against Endeavor Group Holdings, the sports and entertainment powerhouse led by Ari Emanuel.
Endeavor, which currently owns these premier ATP Masters 1000 and WTA 1000 tournaments through its subsidiary IMG, has enlisted Goldman Sachs to advise on a potential counteroffer. A final round of bids, expected to be valued around $1 billion, is set to be submitted later this month.
Beyond CVC Capital Partners, other private equity giants, including EQT Partners and Providence Equity Partners, have explored potential bids. Meanwhile, wealthy individuals have expressed interest in acquiring individual events, though Endeavor reportedly prefers a single transaction for the entire portfolio.
The IMG-owned assets include not just the Miami Open and Madrid Open but also the Barcelona Open and the Hurlingham Club's annual pre-Wimbledon event. These events rank just below the Grand Slams—the Australian Open, French Open, Wimbledon, and US Open—in terms of global prestige.
A successful acquisition would mark CVC Capital Partners' first venture into direct tennis tournament ownership. However, the firm is no stranger to the sport, having invested $150 million in 2023 to form a commercial joint venture with the Women’s Tennis Association (WTA).
This partnership, known as WTA Ventures, has already seen 24% revenue growth in its first year, driven by initiatives such as the inaugural WTA Finals in Riyadh, Saudi Arabia.
CVC’s growing presence in professional tennis investment aligns with its broader strategy of expanding into high-value sports acquisitions, adding to its portfolio that includes stakes in rugby and Formula 1.
With private equity interest in sports ownership growing, industry insiders believe additional investment could fuel the sport’s continued growth. The potential sale of the Miami Open and Madrid Open could reshape the landscape of tennis tournament ownership, further cementing CVC Capital Partners' influence in global sports.
Source: Sky news
