PACIFIC LIFE OPEN ANNOUNCES NEW PARTNERSHIP

New Partners Include United States Tennis Association, Pete Sampras, Chris Evert and Billie Jean King

 

            The Pacific Life Open, held annually at the Indian Wells Tennis Garden, has signed a deal that will keep the most-attended, non-Grand Slam tennis tournament in the world in Indian Wells, it was announced today by PM Sports Management owners Charlie Pasarell and Raymond Moore.

            Pasarell and Moore, with the help of new partners George Mackin and Bob Miller of Tennis Magazine and Patrick W.M. Imeson of Calim Private Equity, LLC, have brought together an investment group, which includes the United States Tennis Association (USTA) and tennis legends Pete Sampras, Chris Evert and Billie Jean King, that will complete the buyout of International Management Group’s (IMG) 50 percent interest in the two-week ATP and Sony Ericsson WTA Tour event.  

            “We have assembled one of the most powerful strategic tennis partnerships possible, and this will ensure that the event stays here for many years to come,” said Moore.  “We look forward to working with them to improve and enhance this already terrific tournament.”

            Playing a vital role in the deal were two local entities; the City of Indian Wells and Desert Commercial Bank.  The City of Indian Wells’ unwavering commitment to keep the event in the Coachella Valley was evidenced by their purchase of 27 acres of land adjacent to the Indian Wells Tennis Garden for $15 million from PM Sports Management.   The money from the sale will be used to refinance the remaining debt on the stadium, which is being facilitated by Desert Commercial Bank. 

            “I want to commend the City of Indian Wells for having the foresight to step up at the very beginning to offer their support in keeping this great event here,” stated Pasarell.  “This is a tremendous day for the Pacific Life Open and the residents of the Coachella Valley.”

            The tournament, now in its 31st year, has grown from its humble beginnings in 1976 when it was held in the Coachella Valley. This year’s tournament, to be held March 6-19, will feature 250 of the top-ranked men’s and women’s players in the world, including Roger Federer, Andre Agassi, Lindsay Davenport and Maria Sharapova, who will compete for a $5.2 million purse.

            “I have fond memories of being involved in the event as a player, and now to be involved as an owner should be equally rewarding,” said Sampras.   “Our investment group believes that even though this event is already the most attended event outside of the Grand Slams, it has the potential to reach even greater heights, and there is not a better place for that to happen than at the Indian Wells Tennis Garden.”

 

About the Pacific Life Open

 

            The first major tennis event of the season on U.S. soil, the Pacific Life Open saw more than 280,000 fans attend the 2005 tournament, which was broadcast for more than 44 hours of live and tape-delayed coverage on ESPN and ESPN2.  For information, or to buy tickets, visit www.PacificLifeOpen.com or call the Indian Wells box office, 800-999-1585 or 760-200-8000 or visit the box office, 78-200 Miles Avenue, Indian Wells, CA 92210.