SBD/Closing Bell

ATP Sells Memphis Event To IMG/IMX Brazilian Joint Venture

The ATP approved the sale of the Memphis tour stop to a Brazilian joint venture, and the San Jose event will relocate to Memphis. The moves will occur in '14, meaning San Jose will have a farewell run next February. The new Memphis event will be an ATP 250, meaning it will not attract as many top players as the current version. The ATP ranks its top nine events as 1000s, the next 11 (including Memphis) as 500s, and the remaining as 250s. Sharks Sport & Entertainment currently owns both events and has agreed to sell the Memphis one to IMG’s Brazil joint venture with IMX. The event will begin in Rio de Janeiro in '14.

The ATP board agreed to the move last week, and to the closing of the San Jose stop. “The ATP will determine the calendar and format for 2014 and 2015, as part of its normal process later this year,” said ATP Exec VP/Marketing & Communications Kate Gordon.
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