It is understood that sports and entertainment company Team8 which was co-founded by Roger Federer is looking into potentially submitting an application for ownership of the Cincinnati Masters, according to two sources.
Sports business publication Sportico and Steve Weissman from The Tennis Channel have both reported that the business is among a number of interested parties who want to buy the event that is best known as the Western and Southern Open. In February this year it was confirmed that the USTA is selling their 93.8% stake in the tournament for a ‘nine-figure sum.’ It is understood that the organization doesn’t want the event to be relocated from Cincinnati in part of any deal.
“The USTA’s Board of Directors believes now is the right time to explore potential strategic options and alternatives in order to optimize the long-term growth of the tournament and take the tournament to the next level,” the USTA said in a statement published by tennis.com.
The USTA brought the rights to the men’s event back in 2009 for $12.5M and has since spent an additional $65M. Whilst Cincinnati is a combined tournament, the ongoing negotiations only apply to the men’s section. The women’s tournament is overseen by Octagon management.
Neither Federer or a member of Team8 have commented on the reported plans. The company was founded by the 20-time Grand Slam champion and his agent Tony Godsick back in 2013. Since then they have been involved in the creation of the Laver Cup, became a ‘major investor’ in the Universal Tennis system and are a ‘strategic investor and partner’ to On Running.
Should Team8 become the new owners, questions may arise about conflicts of interest with Federer still being an active player on Tour. The 40-year-old is currently sidelined from action due to a knee injury but is aiming to stage a comeback at the Swiss Open later this year. However, former world No.1 Andy Roddick has given his full backing to the possible takeover.
“In the world of tennis, where conflicts of interest know no bounds at all, Roger can do this. He has, obviously, been a great steward for the game and has created an incredible relationship with the fans in the city of Cincinnati. You’d like to see it stay in the tennis family with someone who actually knows and loves our sport.” Roddick told The Tennis Channel.
Federer has won the Cincinnati Masters a record seven times in his career.