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This weekend is the climax of the U.S. Open, as Ons Jabeur and Iga Swiatek face off in the women’s final today and Casper Ruud plays Carlos Alcaraz for the men’s title tomorrow.
It is also Wall Street’s favorite spectator sports event — a place to see and be seen. The stands in Flushing Meadows, Queens, are filled with Wall Street titans and corporate America’s top executives. Presiding there is Jamie Dimon, chief executive of JPMorgan Chase, the Open’s top sponsor, feting clients who have flown in from Silicon Valley, Miami and practically everywhere in between. Bill Gates, a longtime tennis fan, regularly attends. Virtually every major Wall Street bank has a private suite or courtside seats for entertaining. Hedge fund magnates are also out in force, led by Bill Ackman, who is such a tennis fan that he built a court on the roof of his office and has personally sponsored players. And then there are the power players in attendance like Michelle Obama and Jon Bon Jovi who sat courtside Friday night. And yet the business of tennis — if judged by Wall Street standards — increasingly looks like a failing enterprise.
If it were a company, activist shareholders would have already descended, calling for a restructuring. In fact, some are — raising the prospect of a turnaround effort or else the risk that a competitor could emerge to steal tennis players the same way LIV Golf has sought to upend the PGA Tour. With the Open finals upon us, DealBook spoke with some of the top agents, financiers and insiders to capture the state of play for professional tennis, a business that has always been opaque and uneven. We started by getting a lay of the land from
Matthew Futterman, a veteran sports journalist who covers tennis and the business behind it for The New York Times.