CVC Capital Companions, the buyout large, is serving up a $1bn (£790m) bid to purchase a portfolio of tennis belongings which incorporates two of the game’s most prestigious annual tournaments.
Sky Information has learnt that CVC is among the many remaining bidders for the Miami Open and Madrid Open, each of which function the world’s main female and male tennis gamers.
Sources near the method, which is being dealt with by The Raine Group, mentioned an extra spherical of bids – regarded as price within the area of $1bn – have been as a result of be submitted later this month.
The belongings are at present owned by Endeavor Group Holdings, the worldwide sports activities and leisure firm headed by the previous Hollywood expertise agent Ari Emanuel.
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CVC is alleged to be bidding towards Mr Emanuel himself, with the Endeavor chief understood to have engaged bankers at Goldman Sachs to advise him on his provide.
It was unclear on Monday whether or not Mr Emanuel would search exterior financing for his bid.
Different non-public fairness corporations, together with EQT Companions and Windfall Fairness Companions, are additionally thought to have examined potential bids though it was additionally unclear whether or not they have been at present a part of the public sale course of.
Various rich people are mentioned to have expressed curiosity in shopping for particular person tournaments on a standalone foundation, though Endeavor is anticipated to pursue a single deal for all the belongings.
If CVC was profitable with its bid, it will symbolize the prolific sports activities investor’s first foray into proudly owning tournaments during which the world’s main male gamers – together with Carlos Alcaraz and Alexander Zverev – will function.
Jannik Sinner, the world primary, will miss each IMG-owned tournaments this 12 months after being handed a three-month ban by the World Anti-Doping Company (WADA) in January, whereas the previous primary Novak Djokovic is more likely to omit each from his truncated 2025 schedule.
The Miami Open is because of start on 16 March, whereas its Madrid counterpart will get underway on 21 April.
Along with the 2 premier occasions, each of which carry 1,000 world rating factors for the winners, the IMG portfolio consists of the Barcelona Open and the annual pre-Wimbledon event at London’s Hurlingham Membership.
The ATP Masters 1000 Sequence and WTA 1000 occasions are one rung on the tennis hierarchy beneath the 4 annual Grand Slam occasions, that are held in Melbourne, Paris, at Wimbledon and in New York.
CVC already has a major presence in skilled tennis, having fashioned a industrial three way partnership with the Girls’s Tennis Affiliation (WTA) in 2023.
Within the first full 12 months of the partnership – during which CVC invested $150m – WTA Ventures noticed income progress of 24%, within the wake of a brand new technique which included the primary WTA Finals in Riyadh, Saudi Arabia.
WTA Ventures mentioned the rise put it on observe to attain a long-term goal of tripling industrial income throughout the six years between 2023 and 2029.
The industrial entity is run by Marina Storti, a former govt at Sky, Sky Information’ rapid guardian firm.
One tennis insider mentioned the game was more likely to welcome extra funding in tennis.
The 2025 girls’s rankings are headed by Aryna Sabalenka, with Poland’s Iga Swiatek and the American Coco Gauff immediately behind her.
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Since taking management of Formulation One motor racing in 2006, CVC has established itself as essentially the most distinguished non-public fairness investor in sport globally.
It now has pursuits spanning soccer, rugby union, cricket and volleyball.
Endeavor determined to promote its tennis belongings, together with Frieze, the artwork enterprise, following an announcement final April that it will be taken non-public by Silver Lake, the non-public fairness agency.
Since then, New York-listed TKO Group Holdings has struck a deal to purchase belongings from Endeavor together with IMG.
That, transaction, which closed final week, didn’t embody IMG’s full occasions portfolio, which stays a part of Endeavor, in keeping with an organization assertion.
A spokesman for Endeavor declined to remark, whereas Mr Emanuel didn’t reply to an emailed request for remark.
CVC additionally declined to remark.
