WASHINGTON — Organizers have approved a plan that will keep the Citi Open in the nation’s capital, as the Washington Tennis and Education Foundation have agreed to hand over management of the tournament to area-based venture capitalist and owner of the Washington Kastles, Mark Ein.

The Citi Open, which celebrated its 50th anniversary this past summer, consists of an ATP 500 men’s tournament and the WTA international women’s tournament.

According to The Washington Post, 12 offers were made for the ATP event reaching upward of $20 million. Among several American cities, locations in Russia and Qatar were also in the running, but their offers were turned down.

“WTEF is taking significantly less to stay in D.C., but the board members made the right call,” Foundation chair Manuel Ortiz told the Post.

All tournament profits go to charity, a policy that will not change under the new terms. The agreement also includes plans for much-needed improvements to the facilities at the William H.G. FitzGerald Tennis Center in Rock Creek Park, D.C.