A group led by Endeavor chief executive and co-founder Ari Emanuel has acquired the sports and entertainment giant’s stable of top-tier tennis tournaments.
Mari, which has officially launched today, now owns a portfolio of top-tier ATP and WTA tournaments, including the Miami Open and the Madrid Open, as well as specific women's WTA events such as the Abu Dhabi Open, the Citi DC Open, and the SP Open.
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In addition, exhibition events such as the Giorgio Armani Tennis Classic and the MGM Macau Tennis Masters are included, as managing a range of major ATP men's tournaments – for example, the Chengdu Open, the Hong Kong Open, the Japan Open, and the Rio Open.
The deal – first reported in April – marks a rare sale of two of the biggest tennis tournaments outside the four grand slams.
The sale process, which is being handled by The Raine Group, is part of the overall agreement through which private equity firm Silver Lake will take Endeavor private (expected to be completed in the coming months). A review into a potential sale of the tennis properties began last October.
In terms of Mari's organizational structure, Emanuel and Mark Shapiro (xx) will "guide Mari's strategy and growth as the company builds a portfolio of iconic brands."
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By GlobalDataThe executive team, meanwhile, includes Matt Cohn as managing partner and Ben Enowitz as chief financial officer, with all events continuing under their existing leadership.
Investors backing the group include funds managed by Apollo, RedBird Capital Partners, Qatar Investment Authority, HSG, IMI media group, Ares Management funds, Dr. Patrick Soon-Shiong, a16z Growth, Nancy Zhang, Forta Advisors, Main Street Advisors, and Causeway Media Partners.
As part of the Miami Open deal, meanwhile, Mari is also bringing in the ownership group behind the NFL's Miami Dolphins, the Hard Rock Stadium where they play, and the Miami Grand Prix from motor racing's Formula 1, as principal investors.
That Miami group includes Stephen Ross (majority owner of the Dolphins and Hard Rock Stadium), as well as funds managed by Ares.
Aside from the tennis properties, Mari has also acquired contemporary art organization Frieze, as well as a majority ownership interest in automotive lifestyle brand Barrett-Jackson.
Emanuel has now said: "As people increasingly value experiences over things—and as hybrid work and AI give us more time to enjoy them – sports, art, lifestyle, and entertainment are becoming even more essential. At Mari, we’re building on the global impact of Frieze and the success of the Madrid and Miami Opens to create new ways for audiences to come together and share their passions.”
Gerry Cardinale, RedBird Capital's founder and managing partner, added: "Anchored by the iconic Miami and Madrid Tennis Opens and Frieze, Mari is well-positioned from inception to capitalize on the secular growth and convergence of premium intellectual property across sports and live event Entertainment – areas where RedBird brings domain leadership and business building expertise.”
IMG – once part of the Endeavor empire – sold its 50% share in the ATP 500 Rio Open men’s tennis tournament to fellow shareholder Mubadala Capital, the Abu Dhabi-based investment firm, in 2023, meanwhile.
This year’s Miami Open, held between March 16 and 30, saw Aryna Sabalenka win the women’s singles title and Czech teenager Jakub Mensik secure the men’s singles title, while the Madrid Open's men's and women's titles were won by Casper Ruud and Sabalenka, respectively.
