The former owners of Formula One have made a sensational mega-money offer for two prestigious tournaments. CVC Capital Partners submitted a £790m ($1million) bid for a portfolio of tennis assets, including Miami Open and Madrid Open, according to Sky.
Both tournaments are joint ATP and WTA 1000 events – the second-biggest tier on the tennis ladder after the Grand Slams – and feature the world’s best players. The Raine Group is managing the sale process for the tournaments, which has attracted considerable interest.
The assets are currently owned by sports and entertainment giant Endeavor Group Holdings, led by former talent agent Ari Emanuel. Final offers are expected at the end of the month.
Emanuel is said to be bidding against CVC, with Goldman Sachs bankers advising him on his offer. Other private equity firms and wealthy individuals are reportedly exploring bids, with some expressing interest in buying individual tournaments.
However, Endeavor is expected to pursue a single buyer for all the assets. The deal also includes the ATP 500 event in Barcelona and the Wimbledon warm-up exhibition event at London’s Hurlingham Club.
If CVC successfully acquires the assets, it would be the group’s first experience owning tournaments featuring top ATP players.
The private equity firm formed a strategic commercial partnership with the WTA in 2023. In the first full year of their cooperation, WTA Ventures saw revenue growth of 24 per cent.
CVC already has a big sporting presence. The firm was the majority shareholder of Formula One Group, owner of F1, but has since reduced its shares.
The group also has former and current investments in football, rugby, cricket and volleyball.
The news of CVC’s offer follows reports that the Italian Tennis and Padel Federation (FITP) made a bid to take over the Madrid Open.
According to La Stampa, the FITP formalised an offer for the tournament in the region of £435million.
The Italian Open currently takes place straight after the Madrid Open. If successful, the federation are reportedly planning to move the tournament to Rome so it can expand and effectively become a ‘fifth Grand Slam’.
Endeavour first announced in October that it was considering selling some tennis events, including the Madrid Open and Miami Open.
Content Source: www.express.co.uk