CVC Capital Partners submitted a $1bn bid to acquire a portfolio of tennis assets, including the Miami Open and Madrid Open, two of the most prestigious tournaments in professional tennis.

The sale process, managed by The Raine Group, has attracted interest from multiple bidders, with final offers expected later this month.

Currently owned by Endeavor Group Holdings, led by Hollywood talent agent-turned-executive Ari Emanuel, the assets include additional tournaments such as the Barcelona Open and the pre-Wimbledon event at London’s Hurlingham Club. Emanuel is reportedly competing against CVC for control, with Goldman Sachs advising on his bid.

Other private equity firms, including EQT Partners and Providence Equity Partners, have also explored potential bids, while wealthy individuals have expressed interest in acquiring individual tournaments. However, Endeavor is expected to favour a single buyer for the entire portfolio.

If successful, this acquisition would mark CVC’s first move into hosting ATP tournaments featuring top-ranked male players such as Carlos Alcaraz and Alexander Zverev. The firm already has a strong foothold in professional tennis through its 2023 investment in WTA Ventures, the commercial arm of the Women’s Tennis Association, where its $150m backing has fueled a 24% revenue increase.

Endeavor opted to divest its tennis assets and the Frieze art business following its decision to go private under private equity firm Silver Lake. Meanwhile, TKO Group Holdings, a New York-listed company, recently acquired other Endeavor-owned assets, excluding IMG’s full events portfolio.

With CVC’s deep-rooted presence in sports investments—including Formula One, football, rugby, cricket, and volleyball—the potential deal signals its growing ambition in the global tennis market. The outcome of the bidding process is expected to shape the sport’s commercial landscape for years to come.