The owner of the Family Circle Tennis Center near Charleston, S.C., has "sold a majority stake" in the operator of the venue to an "investment group with expertise in sports and entertainment," according to John McDermott of the Charleston POST & COURIER. Media company Meredith Corp. valued the deal at $9.1M. The buyer is a "group that includes" former Padres CEO Jeff Moorad, now with California-based investment firm Moorad Sports Partners, and Knoxville-based business consulting firm Whitener Co. Among the "local backers" are musician Darius Rucker, restaurant operator Mark Cummins and JEM Restaurant Group CEO John McGrath. The day-to-day management "hasn't changed at the Family Circle Tennis Center, site of the annual Volvo Car Open, concerts and other outdoor events." Charleston Tennis President Bob Moran said that the sale would "result in 'increased opportunity' for the WTA's annual Volvo Car Open, formerly the Family Circle Cup." Meredith sold 70% of Charleston Tennis to Moorad, Whitener and their backers "for $600,000 in cash" and an $8.5M "note to be repaid over eight years." As part of the deal, the Family Circle publisher "keeps one seat" on the company's BOD and "has 'approval rights over certain limited matters." Moorad Sports Partner Greg Byrnes said, "We want to do what we can to enhance what is already a great experience and event for the fans and the athletes." He also said that the investors are "exploring ways to schedule more events for the city-owned tennis center" (Charleston POST & COURIER, 10/28).
