CVC Capital Partners Makes Bid For Madrid and Miami Opens

Global private equity giant, CVC Capital Partners, is making a bold move into the tennis world with a $1 billion (AUD$1.6 Billion) bid to acquire a portfolio of prestigious tournaments, including the Miami Open and Madrid Open.

Sources close to the process, handled by The Raine Group, have revealed that CVC is among the final bidders, with the next round of offers expected later this month. The current owner, Endeavor Group Holdings, led by former Hollywood talent agent Ari Emanuel, is also in the mix, with Goldman Sachs advising him on his potential bid.

Other private equity firms, including EQT Partners and Providence Equity Partners, have shown interest in the sale, while wealthy individuals have also explored the possibility of purchasing tournaments separately, however, Endeavor is reportedly keen on selling all assets as a package.

The portfolio also includes the Barcelona Open and the prestigious pre-Wimbledon event at London’s Hurlingham Club, which hold significant value, as the ATP Masters 1000 and WTA 1000 events sit just below the four annual Grand Slams in tennis hierarchy.

CVC’s track record in sports investment is extensive, having previously held a controlling stake in Formula One and securing partnerships across football, rugby union, cricket, and volleyball.

In 2023, CVC took a major step into professional tennis with a $150m investment into WTA Ventures, leading to a 24% revenue increase in the first year, with the company aiming to triple commercial revenue in the WTA by 2029.

Endeavor’s decision to offload its tennis assets follows its broader strategic shift after private equity firm Silver Lake took it private in April 2023.

This move has resulted in several business transactions, including TKO Group Holdings acquiring select assets from Endeavor, though IMG’s full events portfolio remains part of the company.