DC's Citi Open is the only 500-level ATP event left in the U.S. and is the fifth-biggest tourney in the countryGETTY IMAGES
DC-based entrepreneur Mark Ein is officially assuming management of the ATP/WTA Citi Open "under a complex transaction that was approved by the Association of Tennis Professionals last week following months of negotiations," according to Liz Clarke of the WASHINGTON POST. Ein will "pay a fee to take over management of the event from the Washington Tennis & Education Foundation, which owns the ATP sanction that conveys the right to stage the tournament." Ein "assumes all financial risk" and "commits to continue financial support of the WTEF." He also gets a "five-year option to buy the ATP sanction." The WTEF "received lucrative offers from deep-pocketed investors" willing to pay $20M for the sanction so they could "move the tournament to Europe, Asia or South America." In spurning those suitors, the WTEF "left millions on the table." Ein, an "avid tennis enthusiast," founded the Washington Kastles World TeamTennis franchise and served on the USTA BOD. The DC tournament is the "only 500-level ATP event remaining" in the U.S. and is the "fifth-biggest tournament in the country" (WASHINGTON POST, 4/3).
BACK FOR MORE: Citicorp yesterday extended its seven-year title sponsorship of the event for the ’19 tournament, while Tennis Channel added another five years to its first-to-last-ball coverage (Daniel Kaplan, THE DAILY).
