Romanian billionaire and former tennis player Ion Tiriac completed the sale of the Madrid Open, one of the top tennis tournaments in the ATP and WTA circuits, for EUR 360 million.

The tournament was bought by the American company IMG, part of NYSE listed Endeavor group, a global leader in sports, events, media and fashion. On April 1, 2022, IMG reported the closing of this transaction which was initially announced in December 2021.

IMG, which also owns the Miami Open and several other ATP and WTA events, was expecting to pay EUR 360 million for consideration and transfer fees upon closing, plus an additional EUR 30 million of consideration payable within two years of closing, according to Endeavor’s annual report filed in March. The deal also includes the Acciona Open de España golf tournament.

“We are proud to add the Mutua Madrid Open and Acciona Open de España to our portfolio. Drawing on our long history in tennis and golf and the MTP team’s expertise, we will build these events into even more unique and remarkable experiences for players, partners, and fans,” said Sam Zussman, Co-President of Media and Events at IMG.

The 20th anniversary edition of the Mutua Madrid Open takes place this year between April 26 and May 8 at Caja Mágica in Madrid, Spain. The Mutua Madrid Open is one of two key clay court events leading up to Roland Garros and boasts an illustrious list of winners that includes Roger Federer, Serena Williams, Rafael Nadal, Petra Kvitová and Novak Djokovic.

Ion Tiriac, 82, is one of Romania’s richest with an estimated net worth of USD 1.6 billion (EUR 1.45 billion) according to Forbes. He has exited several strategic positions in recent years, including his minority stake in UniCredit Bank Romania (formerly UniCredit Tiriac Bank). He still owns Tiriac Holding, a diversified group of companies with operations in automotive and real estate, and a minority stake in AllianzTiriac, one of the biggest insurance companies in Romania.

Romanian law firm Filip & Company assisted Ion Tiriac in the sale of the Madrid Open. Linklaters, Prolaw Abogados (Spain) and Michael Kiprianou & Co (Cyprus) also provided legal assistance on various parts of the deal. Latham & Watkins LLP assisted IMG UK and Endeavor group in this transaction.

editor@romania-insider.com

(Photo source: Victor Sanchez | Dreamstime.com)