Cincinnati Open survived Charlotte threat. Could Saudi Arabia be next?
In the world of professional tennis, few events are as closely watched or as fiercely protected as the Cincinnati Open. Recently, the tournament faced a significant threat of relocation to Charlotte, a potential move that would have been a major blow to the Cincinnati region and its thriving tennis scene. Ohio taxpayers came to the rescue last year with a substantial $130 million pledge, securing the event’s future in Mason, Ohio. This commitment aimed to cement the Cincinnati Open’s status as a key player in the tennis calendar, particularly as the sport undergoes a significant transformation.
The tennis world is in the midst of an upheaval, driven by efforts to redesign the global tennis calendar and attract new investments from emerging markets. The Saudi Public Investment Fund (PIF), which made headlines in 2021 by disrupting the golf world with the launch of the LIV Golf Tour, is now turning its attention to tennis. The PIF’s recent strategic partnership with the ATP Tour and its push to create a new Premier Tour have sparked considerable debate and concern within the tennis community. This partnership and the broader realignment of the sport could potentially reshape the landscape of tennis tournaments around the world, including the Cincinnati Open.
The Cincinnati Open, one of the nine Masters 1000 events, stands as a pivotal fixture in the tennis calendar. Its designation as a Masters 1000 event places it just behind the Grand Slam tournaments in terms of prestige and importance. Bob Moran, president of Beemok Sports and Entertainment, which is heavily invested in the Cincinnati Open, expressed confidence about the tournament’s future amidst these changes. “The great news on that is the Cincinnati Open is one of nine masters series events. We have a seat at the table for every discussion that’s going on, at every level,” Moran stated. This seat at the table underscores the importance of the Cincinnati Open within the sport’s hierarchy and Beemok’s influential role in shaping its future.
Beemok Sports and Entertainment is investing more than $400 million to ensure that the Cincinnati Open remains a top-tier event. This investment includes the expansion of the Mason campus, which is set to become a year-round facility for racquet sports and concerts. The tournament itself is also set to grow significantly, expanding to a 14-day event with 96 players, a marked increase from this year’s 56 players over nine days. These upgrades are expected to bolster the economic impact of the tournament, which, according to a 2023 study by the Economics Center at the University of Cincinnati, will contribute $207 million to the region and support 1,610 jobs with annual earnings of $54.6 million.
Despite these positive developments, the tennis world is facing potential changes that could affect the Cincinnati Open’s status. The United States currently hosts four of the top 14 global tennis tournaments, but as the sport evolves, there may be a shift in focus towards European markets. Adam Beissel, an associate professor at Miami University specializing in the business of sports, noted that if the global tennis calendar were designed from scratch, there might be fewer U.S. dates. “It would make sense to put them in Rome and Monte Carlo and Spain, to really get that return on investment,” Beissel explained. This perspective raises questions about the long-term viability of the Cincinnati Open, especially as international destinations with significant financial resources seek to host premiere tennis events.
Saudi Arabia’s increasing involvement in tennis adds another layer of uncertainty. The Saudi Public Investment Fund has been actively expanding its presence in the sports world, including a recent three-year deal to host the WTA Finals starting this year. Additionally, Saudi Arabia is a strong contender to host a Masters 1000 men’s tournament as early as 2027. The PIF has also expressed interest in acquiring Masters 1000 events in Miami and Madrid, raising concerns about the potential impact on existing tournaments like the Cincinnati Open.
The PIF’s strategic partnership with the ATP Tour, announced in May, includes a naming rights sponsorship for the ATP Tour’s ranking system and the sponsorship of several tournaments. However, the Cincinnati Open was not included in this initial list, which has led to speculation about its future. Moran mentioned that Beemok had not yet had the opportunity to discuss the Cincinnati Open’s inclusion in these new sponsorship deals. “We didn’t have an opportunity to talk to them about that,” Moran said. “Those are ongoing conversations for 2025 with us and PIF. But for this year, it was just late in the game for us.”
Despite these challenges, Beemok Capital and its affiliates hold significant leverage in the tennis world. Beemok Capital’s $270 million purchase of the rights to operate the Cincinnati Open, combined with its 10% stake in ATP Media Holdings Ltd., provides it with a strong position within the sport. ATP Media Holdings Ltd. generated $63.3 million in gross revenue in 2022, and Moran’s involvement with the WTA board and the ATP’s Tournament Advisory Council further bolsters Beemok’s influence.
Moran remains optimistic about the Cincinnati Open’s future. “Cincinnati Open is in a great place for the future no matter what. And we are driving those conversations as much as anything,” he said. Moran’s confidence reflects the strategic investments and ongoing efforts to ensure the Cincinnati Open’s continued success and relevance in an evolving tennis landscape.
In conclusion, the Cincinnati Open stands at a crossroads as the tennis world navigates significant changes. The tournament’s recent expansion and economic impact highlight its importance to the Tri-State region, but the sport’s realignment plans and Saudi Arabia’s growing influence introduce new uncertainties. The ongoing discussions about the future of the global tennis calendar and the potential for new investments from emerging markets like Saudi Arabia will be crucial in determining the Cincinnati Open’s place in the sport’s hierarchy.
As the tennis world continues to evolve, the Cincinnati Open’s ability to adapt and thrive amidst these changes will be key to maintaining its status as a premier event. The commitment of Ohio taxpayers, Beemok’s substantial investments, and the tournament’s growing impact on the region provide a strong foundation for its future. However, the broader shifts in the sport’s structure and the increasing competition from international destinations will require ongoing vigilance and strategic planning to ensure that the Cincinnati Open remains a central fixture in the global tennis calendar.