The USTA is looking to sell the ATP event in Cincinnati to another owner, according to the Sports Business Journal.

The organization is on the hunt for a nine-figure sum for its 93.8% ownership share and does not want the event to move from Cincinnati, said SBJ.

"The USTA’s Board of Directors believes now is the right time to explore potential strategic options and alternatives in order to optimize the long-term growth of the tournament and take the tournament to the next level," the USTA said in a statement.

The organization bought the men's sanction for $12.5 million in 2009 and has spent $65 million more on the event since its purchase. The combined ATP and WTA W&S Open has undergone a significant upgrade of its stadium and grounds in recent years.

The WTA event is owned by the management company Octagon. The tournament has also recently named Katie Haas as its new CEO and former ATP doubles player Eric Butorac as its tournament director.

According to sources cited by SBJ, the ATP and WTA Mutua Madrid Open and Spain's European Open in golf received a bid of $394-450 million from IMG in a sale currently underway. Both Madrid and Cincinnati are combined Masters events, though Madrid is a required event for the WTA and Cincinnati is not.

The USTA said it wants a private-sector buyer willing to invest further in the tournament. The 1000-level event is among the longest-running stops on the ATP Tour.