Six Nations investors CVC bids $1bn for major tennis competitions
Private equity giant CVC Capital Partners are set to bid for a portfolio of high-profile tennis events worth £790m that includes the Madrid and Miami Opens.
It could see the Six Nations investor add to its existing tennis interests, which include a commercial joint venture with the WTA launched in 2023.
The portfolio – currently owned by Endeavor, whose TKO Group last week completed its purchase of IMG, On Location and Professional Bull Riders for $3.25bn – is expected to attract a number of bids this month in a process being handled by the Raine Group.
But CVC could face stiff competition from Endeavor chief Ari Emanuel for the bulk of assets that include the Madrid Open and Miami Open – key tournament staples on the WTA and ATP Tours and run by IMG.
Other events in the grouping include the pre-Wimbledon tournament at London’s Hurlingham Club, the Giorgio Armani Tennis Classic, and the Barcelona Open, according to Sky News’ Mark Kleinman.
Jannik Sinner, currently serving a doping ban, won the men’s tournament last year in Miami, while American Danielle Collins won the WTA event.
In Spain in 2024 Andrey Rublev toppled Felix Auger Aliassime for the men’s title while the Madrid WTA crown went to Iga Swiatek, who served a doping ban last year.
Sinner will miss both tournaments this year due to his ban.
Growing CVC portfolio
CVC is growing its sporting portfolio, with existing investments in Premiership Rugby, the Six Nations, the United Rugby Championship and Spanish football’s LaLiga among othersw
It sold a majority stake in Formula 1 to Liberty Media in 2018 for more than $8bn and is shifting a 67 per cent holding in their successful Indian Premier League franchise Gujarat Titans for a healthy return.
CVC’s wider portfolio includes stakes in Bruin Capital, French football league chiefs the LFP and Volleyball World.
It was, however, unsuccessful in bidding and winning a Hundred franchise earlier this year after being beaten to Oval Invincibles by mega-wealthy Indian family the Ambanis.
CVC also had its offices raided alongside the French football league in Paris late last year as part of an investigation into potential corruption.
Sky News reports that EQT Partners and Providence Equity Partners are thought to have assessed a bid for the tennis portfolio, but it is unclear whether they pursued it through to the auction phase.
The Miami Open will start later this month, on 16 March, while the Madrid Open begins a month later in April.
City PM approached CVC Capital Partners for comment.