Former F1 chiefs make sensational £790MILLION bid for two massive tournaments in completely different sport
PRIVATE equity firm CVC Capital Partners are among the last remaining bidders for a tennis assets portfolio that includes two esteemed tournaments.
CVC’s portfolio reaches most major sports, with assets including La Liga, Premiership Rugby, and the Six Nations.
CVC were formerly majority shareholders in F1Getty
The Madrid Open was a happy hunting ground for Nadal before his retirement
They also invest in the Women’s Tennis Association, which consists of 1,600 players.
CVC invested £120m in the WTA in the first full year of their partnership, triggering a revenue boom of 24 per cent.
But they are now looking to expand further according to Sky News, eyeing up the Miami Open and Madrid Open with a bid reported to be worth £790m.
Both Opens are considered to be one step down from the majors and are contested by the world’s best tennis players, with recent Miami champions including Novak Djokovic and Carlos Alcaraz.
Rafael Nadal has won the Madrid Open a record five times.
Other tournaments included in the deal include the Barcelona Open and an annual Wimbledon warmup at the Hurlingham Club.
The sale is being handled by Raine Group, the same firm which managed the sale of a majority stake in Manchester United to Sir Jim Ratcliffe and Ineos in a deal worth more than £1bn.
The Miami and Madrid Opens are currently owned by Endeavour Group, a sports and entertainment company owned by Hollywood talent mogul Ari Emanuel.
Endeavours other holdings Frieze Art Fair, a globally renowned touring exhibition, though this is also due to be sold.
CVC were formerly majority shareholders in Formula One Group, who owned F1, but have reduced their shares.
The Miami Open kicks off on March 16, with Madrid following shortly after.
Djokovic is not expected to attend either tournament as he chases his 100th singles title.
Players already expected to attend the Miami Open include Alcaraz and Alexander Zverev, though Jannik Sinner will miss out as he serves a ban for a doping violation.
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