From The Tennessean: 

"Cheekwood Botanical Garden and Museum of Art and the Swan Ball are officially separated, according to a joint statement released Thursday morning by Cheekwood and SB Initiative, the group that broke from Cheekwood a month before the 2024 Swan Ball and characterizes itself as the successor to the Swan Ball Committee, which had been the volunteer decision-making and planning body of the gala.

SBI will host the 2025 Swan Ball at Edwin Warner Park. The funds raised will be donated to Friends of Warner Parks."

Tennessean story on Swan Ball settlement (may need subscription