CHARLESTON, S.C. & WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Beemok Capital, the family office of businessman and philanthropist Benjamin Navarro, today announced it has entered into a definitive agreement to acquire Cincinnati’s Western and Southern Open tournament from the United States Tennis Association (“USTA”). Financial terms of the transaction were not disclosed.
Mr. Navarro and Beemok Capital have demonstrated a years-long commitment to the advancement of tennis in the United States with substantial investments in programs and infrastructure to support all levels of tennis development. Beemok also brings extensive operational and hospitality expertise to the Western and Southern Open, having recently completed a major renovation that transformed Charleston’s Credit One Stadium into a world-class tennis and concert venue. Credit One Stadium plays host to North America’s largest women’s only professional tennis tournament, the Credit One Charleston Open, acquired by Beemok in 2018. Beemok also operates two tennis complexes in the Charleston area that serve as host sites for USTA Pro Circuit events, the USTA Girls’ 18s National Clay Court Championship and a high performance tennis academy serving players aspiring to compete at the college and pro levels.
“It is an honor to partner with the USTA, ATP and WTA to help write the next chapter for the Western and Southern Open, one of the world’s premier tennis events,” said Navarro. “We welcome the opportunity to become a steward of this important tournament, as well as an ambassador of the USTA’s mission of promoting the development and growth of tennis. We are committed to providing the best resources to the world’s best players and look forward to elevating the Western and Southern Open experience for players and fans.”
“Going into this sales process, the USTA had clear goals. We wanted to locate a potential steward who would invest in the event and invest in our sport to ensure more kids and more communities have access to our sport. We wanted to create a structure that was right for American tennis, and finally, we wanted to elevate one of the premier events on the tennis calendar to even greater heights,” said Lew Sherr, Chief Executive officer of the USTA. “With this sale to Ben Navarro and Beemok Capital, we have surpassed these goals. Ben’s proven track record in Charleston, his commitment to tennis, and more importantly to communities, make him the ideal new owner in Cincinnati.”
Completion of the transaction is subject to customary closing conditions and is expected to close in Q3 2022.
Gibson, Dunn & Crutcher LLP is serving as legal counsel to Beemok Capital. BofA Securities is acting as exclusive financial advisor to USTA, and Covington & Burling, LLP is serving as USTA’s legal counsel.
About Beemok Capital
Beemok Capital is the family office of Charleston, South Carolina-based businessman and philanthropist Benjamin W. Navarro. Beemok is committed to serving the communities in which it operates and believes its people, culture and values are its core differentiator.
About the United States Tennis Association
The USTA is the national governing body for the sport of tennis in the U.S. and the leader in promoting and developing the growth of tennis at every level -- from local communities to the highest level of the professional game. A not-for-profit organization, it invests 100% of its proceeds in growing the game. It owns and operates the US Open, one of the highest-attended annual sporting events in the world, and launched the US Open Series, linking seven summer WTA and ATP World Tour tournaments to the US Open. In addition, it owns approximately 120 Pro Circuit events throughout the U.S. and selects the teams for the Davis Cup, Billie Jean King Cup, Olympic and Paralympic Games. The USTA’s philanthropic entity, the USTA Foundation, provides grants and scholarships in addition to supporting tennis and education programs nationwide to benefit under-resourced youth through the National Junior Tennis & Learning (NJTL) network. For more information about the USTA, go to USTA.com or follow the official accounts on Facebook, Instagram, Twitter and TikTok.
About the Western and Southern Open
The Western & Southern Open is the nation's oldest professional tennis tournament played in its city of origin since 1899. The Tournament is a hard court combined event for Men and Women played during the month of August. The Open is part of the ATP and WTA Tours as a Master 1000 (the highest category after the Grand Slams). Previous champions include Roger Federer, Rafael Nadal, Pete Sampras, Andre Agassi and Serena Williams.