Investor Group Purchases Majority Stake in Charleston Tennis, LLC
CHARLESTON, S.C. (PRWEB) October 27, 2017 -- An investment group led by Moorad Sports Partners and The Whitener Company have purchased a majority stake in Charleston Tennis, LLC, the operator of Daniel Island’s Family Circle Tennis Center and owner/operator of the Volvo Car Open women’s tennis event, from Meredith Corporation (NYSE:MDP).
The investment group also features local representation including entrepreneur John McGrath, musician Darius Rucker and restaurateur Mark Cummins.
“We are pleased to partner with the great city of Charleston, the Women’s Tennis Association, our sponsor partners, and Meredith to continue to create and host events that spectators, performers, and athletes can enjoy and share,” said Moorad Sports Partners Managing Director Greg Byrnes, who led the transaction.
“The Volvo Car Open is the longest tenured WTA event and one of the favorite player stops on tour,” said Gordon Whitener, Principal & CEO of The Whitener Company. “Daniel Island is a special destination and the tennis center is a unique and intimate environment for musicians and fans. We are confident that the combined background and relationships of the investor group will provide unique growth opportunities moving forward.”
Meredith, longtime owner of Charleston Tennis LLC, retained a meaningful stake as part of the transaction.
“We are very excited about this partnership with Moorad Sports Partners and The Whitener Company,” said Nancy Weber, EVP, Marketing and Integrated Communications. “Their expertise in sponsorship, programming and sports marketing will help grow and enhance the Volvo Car Open. And we are very pleased that Bob Moran and his excellent team will continue to manage all aspects of the tournament and facility.”
“My team and I welcome the opportunity to work with our investor partners to build on old traditions as well as explore new ones at our beautiful venue,” said Bob Moran, President of Charleston Tennis.
About Moorad Sports Partners
Moorad Sports Partner is a sports and media focused investment firm founded and led by Jeff Moorad, a former owner of both the San Diego Padres and Arizona Diamondbacks. The company’s investments include PrimeSport, CID Entertainment, and US Sports Camps.
About The Whitener Company, LLC
The Whitener Company is a diversified holding company with ownership stakes and investments in the sports, media, tech, entertainment and energy industries. Investments by the company include Bespoke Sports & Entertainment, Mandt Media, Wrangler Network and Red Frog Events. The company is based in Knoxville, Tenn., with offices in Los Angeles, Dallas, Atlanta and Charlotte.
About Meredith Corporation:
Meredith Corporation (NYSE: MDP; http://www.meredith.com) has been committed to service journalism for 115 years. Today, Meredith uses multiple distribution platforms – including broadcast television, print, digital, mobile and video – to provide consumers with content they desire and to deliver the messages of its advertising and marketing partners.
Meredith's National Media Group reaches 110 million unduplicated women every month, including 70 percent of U.S. Millennial women. Meredith is the leader in creating and distributing content across platforms in key consumer interest areas such as food, home, parenting and health through well-known brands such as Better Homes & Gardens, Allrecipes, Parents, SHAPE, Martha Stewart Living, Family Circle and The Magnolia Journal.
Jon Show, +1 704-953-3381, [email protected]
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