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U.S. Open Will Award Tennis Players $50 Million in Prize Money

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The U.S. Open, which starts Monday, will award $50 million in prize money to players.

That's according to Lew Sherr, chief revenue officer of the United States Tennis Association.

The U.S. Open also boasts a host of big sponsors.

"We've got JPMorgan Chase (JPM) - Get Report , American Express (AXP) - Get Report , Emirates Airlines, Mercedes-Benz and IBM (IBM) - Get Report ," said Lew Sherr, chief revenue officer of the United States Tennis Association, adding that the newest sponsor is food retailer Dean & DeLuca.

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Sherr said the tennis sport is facing challenges in attracting millennials, similar to the issues in the golf industry. "We have invested heavily in youth participation," he said, noting that a can of tennis balls only costs $3.99.

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