Billionaire daughters shine at US Open

Francesca Maglione highlights Jessica Pegula and Emma Navarro, two wealthy tennis stars captivating New York audiences at the US Open. Pegula, daughter of Buffalo Bills owner Terry Pegula, and Navarro, daughter of credit firm founder Ben Navarro, have both surged to the semifinals. Their success underscores the high costs of elite sports and the advantages of affluent backing in their pursuit of Grand Slam titles..Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here..By Francesca Maglione.(Bloomberg) Jessica Pegula is a gritty tennis professional bruising her way through the US Open bracket at the age of 30. Emma Navarro, for her part, is a crafty 23-year-old player in the midst of a breakout tournament. Both just so happen to be the daughters of billionaires. And both have been propelled by the backing of the boisterous and patriotic New York crowd in Flushing, Queens..Jessica's father is Terry Pegula, owner of the Buffalo Bills and a fracking heavyweight with a net worth of $12.1 billion, according to the Bloomberg Billionaires Index. Emma's father is Ben Navarro, founder of Sherman Financial Group, a credit firm that specializes in subprime consumer debts..The pair has fought through opposite sides of the US Open tennis tournament draw to earn spots in the semifinals, setting up a potential all-American championship match for the first time since 2017. Pegula's upset of top-ranked Iga Swiatek Wednesday will result in her first career appearance in a Grand Slam semi, while Navarro's earlier defeat of defending champion Coco Gauff paved the way for her deepest run in a major..The success of Pegula and Navarro comes as the cost of youth sports is under increasing scrutiny. In a world where competitive athletics requires frequent travel, pricey equipment and — ideally — personalized coaching, having the backing of a wealthy family can be a distinct advantage..Elite tennis carries a reputation for being particularly high-cost, as even young phenoms often don't win enough to cover entry fees, global travel, lodging and other costs. Frances Tiafoe, the son of US immigrants from Sierra Leone, secured financial backing from hedge fund billionaire Bill Ackman when he was still a junior..Speaking in a press conference following a win earlier in the tournament, Pegula said she finds it "a little annoying" that some assume she lives a lavish life — complete with a butler, chauffeur and limousine — because of her family's wealth.."I am definitely not like that — people can think what they want," she said. "I think it's kind of funny.".Navarro's family has a history in sports. Her grandfather was a football coach at Williams College and Princeton University, and her father once attempted to buy the Carolina Panthers but was outbid by hedge fund tycoon David Tepper..Navarro, who was born in New York and raised in South Carolina, was ranked 13th in the world heading into the tournament and her next test is second-seeded Aryna Sabalenka, a 26-year-old Belarusian who has twice won the Australian Open. Pegula, meanwhile, managed to fight past Swiatek, who won the 2022 US Open. She's now set to face 28-year-old Czech player Karolina Muchova. Both matches are set for Thursday night at Arthur Ashe Stadium..Two American men, Tiafoe and Taylor Fritz, will play in the mens semifinals Friday. This is the first Grand Slam to feature Americans in both the mens and womens singles semifinals since 2003..Read also:.Why US commercial real estate is a safe bet for global investorsRonnie Apteker: Ukraine – the biggest country in Europe, and without a doubt, the least understoodWebinar: Discovering Mauritius' residency-by-investment program: Flexibility and lifestyle insights.© 2024 Bloomberg L.P.

Billionaire daughters shine at US Open

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