Starting in 2021, the women's tournament, part of the WTA tour, expanded to become a two-week tournament. Feliciano López was announced as the Madrid tournament director, commencing 2019.

Because he agreed to continue in Madrid, Țiriac will receive more than 30 million euros from the city of Madrid in the coming years. Țiriac announced in April 2019 that he has extended his sponsorship contract of the Mutua Madrid Open for 10 additional years, until 2031. The event moved outdoors to Park Manzanares, where a new complex with a retractable-roof equipped main court was constructed, the Caja Magica. It expanded to include a premier women's contest (replacing the tournament in Berlin) and shifted to an earlier period of the tennis season to become the second Master's tournament of the spring European clay-court swing (replacing the Hamburg Open). In 2009, the tournament was reborn under new ownership with a new location, new surface, and new time slot. It was replaced on the Masters schedule by the Shanghai Masters after the 2008 season. It was held from 2002 to 2008 in the Madrid Arena as the first of two Master's indoor hard court late-season events that preceded the ATP Tour Finals (also indoors). In 2021, Țiriac sold the tournament to New York–based giants IMG for approximately €390 Million.įrom its inauguration as a men's only event in 2002, the tournament was classified as one of the ATP Masters Series tournaments, where it replaced the now-defunct Eurocard Open in Stuttgart. According to Digi Sport which interviewed Țiriac in 2019, the tournament brings to the city of Madrid annual benefits exceeding €107 million. Ion Țiriac, a Romanian billionaire businessman and former ATP professional, was the owner of the tournament between 20.

The event was played on blue courts in the 2012 tournament edition, with the ATP deciding against blue thereafter. The tournament is traditionally played on a red clay surface. In the past, it has also been known as the Madrid Masters.

The clay-court event is classified as an ATP Tour Masters 1000 on the ATP Tour and a WTA 1000 event on the WTA Tour. The Madrid Open (Spanish: Masters de Madrid), currently sponsored by Mutua Madrileña and known as the Mutua Madrid Open, is a joint men's and women's professional tennis tournament, held in Madrid, during early May.

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