The US Tennis association (USTA) is close to completing a US$450m (€330.9m, £265.1m) bond sale which will fund the ongoing renovation of the USTA Billie Jean King National Tennis Centre.

The bond sale will allow the USTA to make US$550m (€404m, £324m) of construction and renovation works that will see a retractable roof constructed on Arthur Ashe Stadium and a new, 15,000-seat Louis Armstrong Stadium (also with a retractable roof) built.

The plans will allow more than 10,000 additional tennis fans to attend the US Open and will also improve facilities all year-round.

Work was scheduled to start in Q3 2013 and will take eight years to complete. The first development will see the practice court area rebuilt. The Louis Armstrong Stadium redevelopment will be the final phase of work undertaken.

Located at Flushing Meadows, the tennis centre spans 42 acres and contains indoor and outdoor tennis facilities available for public use.

The US Open generates more than US$750m ($468.2m, €574.3m) a year in economic activity.