In August 2008, Chinese state broadcaster CCTV announced its May 2009 joint venture with global sports management company IMG Worldwide. CCTV brings a viewership of 850 million to the JV, while IMG Worldwide brings significant industry experience, including management of international sports stars such as Tiger Woods, and organization of approximately 4,500 sporting events per annum worldwide, including Wimbledon. Reports indicate that Jiang Heping, the head of CCTV’s sports channel, which claims 85% of China’s domestic sports TV market, was appointed Chairman of the JV’s Board of Directors. The first event managed by the JV will be October’s China Open, a global elite women’s tennis championship. CCTV-IMG expects to invest significant media resources in the China Open in the hopes of establishing it as one of the top global competitions. IMG said its financial investment in the 20-year joint venture was not substantial.