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Closing Bell

Billie Jean King Selling World TeamTennis Stake To Mark Ein, Fred Luddy

Billie Jean King after 41 years is ceding control of Mylan World TeamTennis, selling her majority stake to two team owners – Mark Ein, who will have control, and Fred Luddy. King in turn will buy out a handful of smaller investors, including the USTA. Ein, who owns the Washington Kastles, plans to add four expansion teams in '18 to the current six-team league and expand further in later years. “She is looking basically for a succession plan,” Ein said. “She is looking for the next generation to come in.”

Ein declined to comment on terms of the deal. “People always want to see franchise values to go up, and that will be a core metric we manage to,” he said. King will retain a stake in the league through her ownership of the Philadelphia Freedoms. WTT CEO & Commissioner Ilana Kloss will remain in that role in '17. After this season, “we are all going to sort it out,” said Ein of the leadership position.

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