The CVC Capital Partners private equity current ownership group is one of the bidders vying to buy the Madrid Open and Miami Open top-tier tennis tournaments from sports and entertainment giant Endeavor, according to reports.
CVC is preparing a bid of around $1 billion for the two tournaments, both of which feature top men’s and women’s players, Sky News has reported.
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The sale process, which is being handled by The Raine Group, is part of the overall agreement through which private equity firm Silver Lake will take Endeavor private (expected to be completed in the next month or so). A review into a potential sale of the two tournaments began last October.
CVC is reportedly bidding against contenders including Endeavor chief executive Ariel Emanuel himself.
Sky News has also reported that other potential bidders include the EQT Partners and Providence Equity Partners private equity firms.
IMG, the major sports and entertainment agency run by Endeavor (its ownership was transferred to the TKO division late last month), added the Madrid Open to its tennis portfolio in 2021. The annual Miami Open and Madrid Open tournaments occupy top-tier places on both the men's ATP and women’s WTA tours.
If CVC is successful with its bid, it will represent the firm's first experience of owning tournaments in tennis – although it does have a deal in place with the Women’s Tennis Association dating back to the formation of a joint venture in 2023. The first full year of that partnership saw CVC invest $150 million into the joint venture.
In terms of other sporting interests, meanwhile, it also has investments across soccer, cricket, rugby union, and volleyball, and also held a controlling stake in motor racing’s iconic Formula 1 between 2006 and 2016.
Silver Lake, meanwhile, announced that it was taking Endeavor private last April after acquiring 100% of the company in a deal that valued the sports and entertainment heavyweight at $13 billion. As part of that deal, Endeavor stated it would look to sell off several assets.
Endeavor completed the sale of several of its key sporting assets – IMG, On Location (hospitality and events), and Professional Bull Riders (PBR) – to TKO late last week.
TKO, created in September 2023, currently houses the World Wrestling Entertainment (WWE) and Ultimate Fighting Championship (UFC) properties. Indeed, it was launched when Endeavor purchased WWE at that point and spun off UFC with that promotion.
The sale of these assets by Endeavor was first disclosed in late October, as a $3.25 billion all-equity purchase. While the leadership of PBR and On Location remains unchanged, IMG president of media Adam Kelly now steps in as president of the IMG business as a whole.
This completion was unveiled soon after Endeavor’s fourth quarter (Q4) financial results were released. Endeavor recorded revenue of close to $1.6 billion in the Q4 of 2024 (up year-on-year from $1.46 billion) in what is potentially its last set of quarterly financials as a publicly-listed company.
