Stakeholders close to securing future of Madrid Open
An agreement is said to be "very close" between the municipal government of Madrid and the organisers of tennis' Mutua Madrid Open that would keep the tournament, a top-tier event on both the men’s ATP and women’s WTA Tours, in the capital beyond 2021.
According to reports in Spain, a 10-year extension is on the verge of being signed off, amid threats earlier this year that the tournament could switch to Germany or Russia, after an agreement was reached over expansion of the facility, known as La Caja Mágica.
Luis Cueto, general coordinator of the mayor's office, said: "We are very close to providing the guarantee and security that a promoter needs to move forward."
The economic impact of the Madrid Open on the Spanish capital has been estimated at €107 million ($121.5 million), with €45.4 million of this amount attributed to spectator spending. Foreign visitors spend an average of €1,146 over a four-day stay to attend the event, with €365 of this amount going on accommodation, €237 on food and drink and €112 on entertainment, according to a study by the European University and the University School of Real Madrid.
La Caja Mágica was recently named as the location for the 2019 World Cup of Tennis Finals, the revamped Davis Cup men's national teams competition.