IMG, the world sports marketing giant, this Monday sealed the purchase of two of the main sports tournaments held in Spain: the Mutua Madrid Open tennis, one of the nine Masters 1000 on the ATP calendar; and the Acciona Open de España de golf, which in its last two editions has been held at the Club de Campo Villa de Madrid.
Both tournaments were until now owned by Super Slam Ltd, a company based in Cyprus and owned by Ion Tiriac, the Romanian tycoon whose fortune reaches 1.6 billion dollars, according to Forbes. IMG acquires one of its subsidiaries, Madrid Trophy Promotion (MTP), based in the capital of Spain and managing both competitions. This has chained two consecutive years in losses. In 2020, a year marked by the pandemic and in which neither of the two tournaments were held, MTP had a red number of 4.4 million, after plunging its turnover from 44.3 million in 2019 to just 375,000. In that 2019, it also reaped a loss of 231,000 euros, as recorded in the annual accounts consulted through the Insight View tool.
The parties have not detailed the figures for the agreement. According to the statement released by MTP, the transaction is expected to close in the first quarter of 2022. Its CEO, Gerard Tsobanian, will become part of IMG’s executive structure, as senior vice president of tennis events.
“The Mutua Madrid Open will be a great addition to our global events portfolio and to the tennis business, which will now feature two of the three mandatory combined events on both circuits,” said Sam Zussman, IMG Co-President of Media and Events. This has counted on the Latham & Watkins law firm as legal advisor.
The sports marketing multinational was acquired by the US media holding Endeavor for close to 2 billion euros. Since then, he has also managed the Miami Tennis Open. In addition, he is a partner of the Euroleague basketball, after signing a 10-year agreement in 2016 with the contribution of 630 million euros.