USTA’s finances show year 2024 profits driven almost entirely by the U.S. Open, spotlighting both strength and risk as the federation lays out its biggest ever venue overhaul.
The U.S. Tennis Association reported total revenue of $623.8 million for 2024, with $559.6 million coming from the U.S. Open—the event that accounted for about 90% of the federation’s income. After expenses of $282.2 million, the operating profit from the Open stood at roughly $277.4 million, underscoring a margin of just over 49%.
This strong performance underpins a major investment plan: an $800 million overhaul of the U.S. Open’s New York City venue, including a renovation of the main stadium and a new adjacent player performance venue. The USTA intends to finance more than 80% of this project with debt, with the rest drawn from cash reserves, which rose to $291.3 million at the end of 2024—the second-highest year-end total in the organization’s history.
Former USTA CEO Lew Sherr noted the federation’s credit stability, saying the organization had held an A- Fitch rating for over a decade and that the rating remained solid despite past disruptions. He indicated the debt would be paid off within about a decade, helped by anticipated tournament profits from ticket sales, sponsorships and other revenue streams.
The 2020 U.S. Open, held without fans due to the pandemic, was a significant cash drain, but the USTA has since rebuilt its reserves. The federation benefited from the $270 million sale of the ATP Cincinnati event and a shift in operating strategy that included expanding liquidity, with the previous revolving credit facility fully retired in early 2023.
Overall, the federation’s debt at year-end 2024 stood at around $530 million, with principal payments of $22.9 million due in 2025. Revenue growth in the Open has far outpaced broader revenue, more than doubling since 2015 and rising about 40% from 2019 (the year before COVID disruptions). Open profits grew from about $151.5 million in 2015 and $157.3 million in 2019 to the current level of roughly $277.4 million.
Ticket revenue has been the largest driver of growth, rising 75% since 2015 to about $208.5 million. It’s important to note that this figure excludes Cincinnati revenue and does not yet reflect the new corporate hospitality and service revenue line item, which added $83.3 million in 2024.
Sponsorship and media rights remain strong, with the USTA holding exclusive deals with more than 10 broadcasters, including ESPN in the United States. Yet the dependence on a single event means the federation’s fortunes are tightly linked to the U.S. Open’s ongoing popularity and attendance.
While the Open’s expansion promises longer-term growth and improved fan experience, it also concentrates risk: a downturn in interest or attendance would have outsized effects on the USTA’s bottom line. The organization has a history of adapting—diversifying slowly, maintaining strong liquidity, and leveraging the Open’s brand to secure sponsorships and media rights—but the path forward hinges on sustaining excitement around the Open and managing debt obligations responsibly.
Summary: The USTA’s financial year 2024 highlights a business heavily anchored to the U.S. Open, delivering strong profits and enabling a sizable arena overhaul funded largely by debt. The coming years will test the balance between expanding capacity and maintaining financial flexibility as the federation invests in the tournament’s future.
Additional value add:
– If you’re covering this story, consider highlighting how the debt-financed renovation could influence ticket pricing, sponsorship packages, and fan experience in the long term.
– A follow-up piece could compare USTA’s strategy with other sports governing bodies that have pursued diversification to reduce dependence on a single event.
Overall tone is cautiously optimistic: the Open’s profitability enables ambitious improvements, but long-term success will depend on maintaining demand, managing debt, and sustaining broad broadcaster and sponsor engagement.