Ben Navarro takes Ownership of the Cincinnati Open
According to Sports Business Journal, The USTA has finally selected Ben Navarro, the owner of the Charleston Open, the WTA tournament, as the buyer of the Western & Southern Open in Cincinnati.
After the potential buyers approached the USTA, the sale was put up for auction. The sale was expected to be close to $250 million, and the highest bid was about $200 million.
The USTA has decided to accept the offer from Ben Navarro, owner of Charleston Open. The WTA tournament in Charleston is considered one of the best tournaments in the world.
Navarro also owns the WTA tournament in San Jose, which is ranked No. 13 in the world. His company, Navarro Enterprises, operates four major tennis events.
The WTA tournament in Charleston, the ATP tournament in Las Vegas, the WTA tournament in Key Biscayne, Fla, and the WTA tournament in San Jose. Navarro was a member of the USTA Board of Directors and will serve as the new chairman.
Navarro, the founder, and CEO of Sherman Financial Group purchased the WTA’s Charleston Open in 2018.
The USTA said the sale is expected to close within the next few months. We are thrilled to announce that Ben Navarro has been chosen to become the new President of the Western & Southern Open.
The USTA said it has chosen Navarro because of his vast experience in tennis management, and his expertise and understanding of how to grow the sport. The USTA said it plans to work closely with him as he guides the organization through its new strategic plan.
The U.S. Tennis Association owns 93.8% of Cincinnati Tennis LLC, which is the sanctioning body for the ATP event in Cincinnati. The US Tennis Association (USTA) initially paid $12.6 million to buy an 80% stake in 2009, according to its annual financials.
It later upped that to 93.8% In a $5.8 million cash deal, Cincinnati Tennis LLC currently leases the women’s sanction from Octagon.
The Western Southern Open is a Masters 1000 level event and is one of just a handful of stops on the tennis calendar that features simultaneous ATP and WTA tournaments at the same venue.
As we know that the sports world was severely affected by the pandemic of COVID-19. While the world is trying to get out of the coronavirus lockdown, the Western and Southern Open was still in full swing.
After the cancellation of the 2020 Masters Tournament, it was announced that the event would return to Augusta National Golf Club for the 2021 tournament.
The Cincinnati Open had operating revenues of $35.7 million and operating expenses of $28.6 million in 2021, according to the financial statements. That was up from $9.8 million in revenue and $25.4 million in expenses during the COVID-disrupted 2020 season. The remaining shareholders are TCI Ventures and Octagon.
About USTA
The United States Tennis Association is a non-profit organization that was established in 1895 and was established in the United States to provide the best tennis experience for players.
The USTA provides grants and loans to tennis associations around the country. There are approximately 16.5 million active members who play tennis and USTA provides a number of services for tennis including tournaments and championships.
USTA is involved in many aspects of tennis, including the rules and regulations. The United States Tennis Association is the second largest tennis organization in the world and they hold over $2 billion in assets and $1.3 billion in revenues.
The USTA operates more than 200 facilities across the country, including the USTA Billie Jean King National Tennis Center, which was built at a cost of $400 million. The USTA also owns and operates the US Open, which has been held annually since 1881. The USTA also runs the U.S. Open Series, which includes the men’s and women’s Grand Slam tournaments.
