On a dreary, unseasonably cold April afternoon at the Rock Creek Park Tennis in Northwest, Mark Ein announced that he’s adding the management of the historic Citi Open to his eclectic portfolio of local investments.

“This tournament has been woven into the fabric of our community as a mainstay of life across generations,” Ein said at a press conference, joined by Mayor Muriel Bowser and local professional tennis phenoms Frances Tiafoe and Denis Kudla. “That’s why [it’s] a jewel.”

The venture capitalist—who owns the Washington Kastles, Esports team Washington Justice, and the Washington City Paper—said that a highlight of his childhood was fetching balls for Arthur Ashe at what was then called the Washington Star International.

The tournament is owned by the Washington Tennis and Education Foundation, a non-profit organization that provides free tennis and educational programs for children in underserved communities, for the last 50 years. Ein committed to continue providing financial support to WTEF as he takes over the management of the tournament.

Rebecca Crouch-Pelham, WTEF’s president and CEO, said the organization had several other lucrative offers on the table for the tournament, but they would have pulled it out of the city. The organization considered all of them, but ultimately Ein’s bid was “almost a no brainer” due his commitment to keep it in the District.

“Even though others would have offered us more, what we gained from partnering with Mark is way more valuable,” Crouch-Pelham said.

While Ein praised the tradition, caliber of tennis, and accessibility of the tournament, he also acknowledged that the Rock Creek Park Tennis Center, which opened nearly three decades ago, is in need of serious upgrades. “The reality is that we’ve saved this tournament… for now. But truly to secure long term future, we need to enhance the site. The [Association of Tennis Professionals] is going to require it.”

As for the timetable of those upgrades, Ein told DCist that they will be hard pressed to get much of the hoped-for renovations done for this year’s tournament, which starts July 27.

Bowser applauded Ein for stepping up and making a commitment to save this D.C.  tradition, pledging that he could “count on the city to be there every step of the way” in terms of upgrades and promotion.

While tennis was the focus of the announcement, another sport being played a few miles away still managed to draw away some of the attention. Former Washington Nationals star Bryce Harper was only hours away from taking swings at Nats Park for the first time as a member of the Philadelphia Phillies. When asked if it would be okay for Washingtonians to boo the now-departed star, Bowser silently demurred from her seat on the stage.

Previously: 
As The Citi Open Turns 50, We Have Arthur Ashe To Thank For The Tournament