On Monday, Billie Jean King announced that she is selling her ownership of Mylan World TeamTennis to Mark Ein, owner of the Washington Kastles and Fred Luddy, owner of the San Diego Aviators.

"This is thrilling, not happy," King told Tennis Channel. "I am over the moon thrilled because Mark and I have been talking for quite a few years. He's absolutely the epitome of the ownership we should have."

King was one of the original founder of the league back in the 1970s, and will remain an owner of the Philadelphia Freedoms.

Ein will become the Chairman of WTT and Ilana Kloss (King's partner) will remain in her position as CEO and Commissioner through 2017.

Ein's Washington Kastles have won a league-leading six championships. He said his goal for WTT is to expand the league.

"I've lived this for the last nine years in Washington and we've proven that if you take this core product—which is unbelievable—if you do it the right way people will love it, they'll embrace it..." Ein said. "Our basic plan is to just take it to more places in America."

The biggest challenge for WTT is scheduling, but Ein had answers for that:

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"My goal in this is to help the sport of tennis in the United States," Ein said.

Six teams will begin the battle for the title starting on July 16 in what will be the 42nd season of Mylan World TeamTennis.