NEW YORK: IMG Thursday announced it has sold its 50% interest in the ATP 500 Rio Open tournament to Mubadala Capital. Following the sale, the Abu Dhabi sovereign wealth fund now has 100% ownership of the ATP 500 Rio Open.
IMG’s stake in the tournament was sold in compliance with the ATP’s rules on tournament ownership, following the company’s acquisition of the ATP and WTA 1000 Mutua Madrid Open in April 2022. The Spanish event bolstered IMG’s portfolio of leading tennis tournaments, which also includes the ATP and WTA 1000 Itaú Miami Open and several other ATP and WTA events.
Since its inaugural edition in 2014, IMG has worked with IMM, a wholly owned subsidiary of Mubadala Capital, to build the Rio Open into a world-class spectacle and the largest tennis tournament in South America. Hosted at The Jockey Club in a 6,200-seater stadium overlooking the Christ Redeemer, the clay court tournament attracts 60 of the world’s best players from more than 20 countries, playing for a prize purse of over $2 million in total financial commitment.
“We are proud to have developed an incredibly successful tournament in Rio de Janeiro in partnership with Mubadala Capital and IMM,” commented Gavin Forbes, Executive Vice President and Managing Director of Tennis Events at IMG. “Over the years, we have worked together to establish the Rio Open as a truly special event amongst tennis fans and beyond from South America and around the world. We wish Mubadala Capital well as they continue to build on the tournament’s success in the future.”
Earlier this month, IMG concluded its most successful Itaú Miami Open to date with a record number of tickets sold (386,000). Returning April 24, the Mutua Madrid Open is expected to be bigger than ever after attracting a record 300,000 fans in 2022, with this year’s tournament expanded to 12 days and the men’s and women’s draws increased to 96 players.
