The Citi Open is officially set to remain in Washington D.C.

WATCH—Court Report from November 29th:

Organizers of the Citi Open in Washington have approved a reconfiguration of the event that will keep it in the capital, according to the Washington Post.

The Washington Tennis and Education Foundation has approved an agreement to transfer the running of the event to a Washington-based venture capital investor, Mark Ein. Ein, who is the owner of the Washington Kastles World Team Tennis team, also recently took ownership of World Team Tennis.

The Washington event consists of an ATP 500 men's tournament and a smaller WTA International women's tournament. According to the Washington Post, there were as many as 12 offers for the ATP event, for up to $20 million. Among them were Larry Ellison, who owns events in Indian Wells, other American cities, and locations in Russia and Qatar. But the offers were turned down.

"WTEF is taking significantly less to stay in DC, but the board members made the right call," said Manuel Ortiz, the foundation chair, speaking to the Washington Post.

The tournament donates all its profits to charity, which will not change. The agreement also includes plans to improve the tournament facilities.