Beemok Capital to Acquire Cincinnati’s Western and Southern Open

August 15, 2022

CHARLESTON, S.C. & WHITE PLAINS, N.Y. —Beemok Capital, the family office of businessman and philanthropist Benjamin Navarro, announced it has entered into a definitive agreement to acquire Cincinnati’s Western and Southern Open tournament from the U.S. Tennis Association. 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.