Mark Ein, a venture capitalist and tennis fan who already owns the WTT Washington Kastles, officially took over management of the ATP’s Citi Open on Tuesday.
The Washington Post reports it’s a complicated transaction, as he takes over from the owners of the sanction, the Washington Tennis & Education Foundation, assumes “all financial risk” and receives a five-year option to buy the sanction.
The WTA event, held concurrently, is a separate situation. But it will continue.
The WTEF reportedly received $20-million offers to buy the sanction and relocate the only 500-level ATP event in the U.S. elsewhere.