FLUSHING, N.Y., September 1, 2023 – The USTA has launched USTA Ventures, by way of the USTA Strategic Funding Committee, which will probably be charged with evaluating a broad spectrum of long-term funding alternatives. The main target will probably be on buying potential fairness stakes in applied sciences and different corporations that may assist to advance the USTA’s mission of selling and growing the expansion of tennis in the USA, and elevating experiences on the US Open, which is owned and operated by the USTA.
“We see the formation of USTA Ventures not solely as a sound enterprise choice, but additionally as a possibility to strengthen corporations throughout the tennis, well being and wellness sectors,” stated Lew Sherr, CEO of the USTA. “Tennis has seen important progress in recent times, and by investing in most of these alternatives, we’re serving to to strengthen the tennis ecosystem all through the U.S., placing ourselves in the absolute best state of affairs to proceed to develop the sport on the grass-roots stage.”
A complete of 23.6 million people performed tennis in 2022. That represents a rise of 33 p.c in participation since 2019, with an extra 5.9 million gamers taking to the courts over the previous three years.
The Committee will probably be chaired by USTA Board Member Invoice McGugin and composed of USTA Board Treasurer Chris Lewis, Board Members Maggie Chan Jones, Kathy Francis, Liezel Huber Bobby Sharma, and Ed Neppl, USTA Chief Monetary Officer. Different advisors will embody entrepreneur and long-time tennis supporter Mark Ein, and grass-roots tennis advocate Perron Wong. The committee will even be supported by USTA employees member Eric Butorac, Director Professional Tennis Operations & Participant Relations.
