Start by creating a "Sign 5 " shape using custom shape tool.
Double click the layer to open layer style window. Apply settings as shown.
Create an ellipse using elliptical shape tool. Apply some stroke layer style.
Reduce the fill value to 0% from the top of the layer palette.
Create some horizontal and vertical line to create grid.
Select and merge all the grid layers. Ctrl+Click the ellipse layer thumbnail to get the selection. Press Ctrl+Shift+I to inverse the selection. Press Delete.
Create a couple of rectangles to create handle of tennis racket using rectangular shape tool. Apply some bevel&emboss layer style.
Select and merge all the racket layers. Duplicate, rotate and place it as shown.
Create "Banner 1" shape using custom shape tool.
Double click the layer to open layer style window. Apply settings as shown.
Complete the logo by typing tournament name and other details.
