Details Announced for Western and Southern Open

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Financial services firm Beemok Capital has agreed to acquire Cincinnati’s Western and Southern Open tournament from the United States Tennis Association (USTA).

South Carolina-headquartered Beemok, the family office of billionaire businessman and Sherman Financial Group chief executive Benjamin Navarro, is expected to wrap up the deal in the third quarter of 2022.

Financial terms for the Western and Southern Open, which is one of six joint Association of Tennis Professionals (ATP) and Women’s Tennis Association (WTA) 1000 series events, were not disclosed.

According to Sport Business Journal (SBJ), offers as high as US$250 million were received during the initial bidding process, with at least a half-dozen at US$200 million or higher.

Other reported high-profile bidders included Guggenheim Partners chief Mark Walter and tennis icon Billie Jean King; a group led by Peter Michael Reichel, who owns the Hamburg ATP event in Germany; and Citi Open owner Mark Ein alongside Harris Blitzer Sports & Entertainment (HBSE) and RedBird Capital.

Completion of the transaction remains subject to customary closing conditions. Approval from the boards of both the ATP and WTA Tour is also needed, given Navarro will take over the USTA’s lease of the women’s tournament, which is owned by sports marketing agency Octagon.

For Navarro, the tournament adds to his burgeoning tennis portfolio. In 2018, he bought the WTA Charleston Open and pumped a reported US$50 million to renovate its Credit One Stadium home. His daughter, Emma Navarro, is also a professional player.

Additionally, Beemok 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 for aspiring players.

“It is an honour 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.”

Lew Sherr, USTA chief executive, added: “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.

“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.”