USTA Launches ‘USTA Ventures’ Strategic Investment Initiative
September 2, 2023
FLUSHING, N.Y., September 1, 2023 – The USTA has launched USTA Ventures, through the USTA Strategic Investment Committee, which will be charged with evaluating a broad spectrum of long-term investment opportunities. The focus will be on acquiring potential equity stakes in technologies and other companies that will help to advance the USTA’s mission of promoting and developing the growth of tennis in the United States, and elevating experiences at the US Open, which is owned and operated by the USTA.
“We see the formation of USTA Ventures not only as a sound business decision, but also as an opportunity to strengthen companies within the tennis, health and wellness sectors,” said Lew Sherr, CEO of the USTA. “Tennis has seen significant growth in recent years, and by investing in these types of opportunities, we are helping to strengthen the tennis ecosystem throughout the U.S., putting ourselves in the best possible situation to continue to grow the game at the grass-roots level.”
A total of 23.6 million individuals played tennis in 2022. That represents an increase of 33 percent in participation since 2019, with an additional 5.9 million players taking to the courts over the past three years.
The Committee will be chaired by USTA Board Member Bill 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 Financial Officer. Other advisors will include entrepreneur and long-time tennis supporter Mark Ein, and grass-roots tennis advocate Perren Wong. The committee will also be supported by USTA staff member Eric Butorac, Director Pro Tennis Operations & Player Relations.