Pacific Life Open Announces New Partnership
New partners include USTA, Sampras, Evert and KingFOR IMMEDIATE RELEASE
Contact: Doug Drotman
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02/28/06 - Indian Wells, Calif. - 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, California, 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% 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."
The Indian Wells Tennis Garden, which opened in March of 2000, has at its centerpiece the 16,100-seat main stadium, the second-largest tennis stadium in the world. The 85-acre complex features two outside stadium courts, 11 sunken championship courts, 44 stadium suites and state of the art broadcast and media facilities.
"As Publisher and Partner in Tennis Magazine, I was proud that George and Bob took the initiative to team up with Raymond and Charlie to keep this important event in the United States," said Chris Evert. "I was also delighted personally to be invited to invest in this event and trust with our collective names and assets we will make this marquee event even more successful."
"As a native of Southern California, it is very important for me personally to do all I can do to grow tennis in this region and keeping the Pacific Life Open in Indian Wells and committing to making it better each year will go a long way to introducing this great sport to new fans of all ages," said Billie Jean King. "It is going to be so much fun for Pete, Chris and I to join with George Mackin, The Miller Group and the other investors on this project because we all share the same vision and commitment to grow tennis across the country."
"The USTA is proud to play a key role in keeping the Pacific Life Open at Indian Wells in the U.S.," said Franklin Johnson, USTA President and Chairman of the Board. "This event is an important part of the USTA's overall strategy to increase the sport's visibility and strengthen tennis in our country. We especially want to congratulate our new partners including George Mackin, Charlie Pasarell and Ray Moore whose efforts kept this tournament in the United States."
"Today's announcement is fantastic news for professional tennis," said Larry Scott, CEO of the Sony Ericsson WTA Tour. "The Pacific Life Open is unquestionably one of the very best tournaments in world, and we are thrilled that the close to 300,000 fans who annually attend the Pacific Life Open, the millions who watch the event annually on television across the globe, the players and other stakeholders will continue to enjoy the event in Indian Wells as it grows to even greater heights and success."
"We are naturally delighted the Pacific Life Open will retain Indian Wells as its home, but we're even more excited by the newfound commitment provided by the USTA, Tennis Magazine and other important partners to grow this showcase pro tennis event," said ATP Executive Chairman and President Etienne de Villiers. "We and other stakeholders are focused on improvements to the season and structure of professional tennis and it's great to know that we now can count on the Pacific Life Open to be an integral part of the future of this sport."
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.
About Calim Private Equity, LLC
Based in Aspen, Colorado, Calim Private Equity LLC (www.calimpe.com ) provides venture capital, mezzanine financing, and investment banking services to entrepreneurs, and a series of investment funds for qualified investors. The firm focuses on opportunities created by new technologies, expanding markets, and underdeveloped assets. To help portfolio companies achieve their full potential, Calim management engages actively through strategic counsel and guidance in developing operational excellence.
PRESS CONTACT:
Matt Van Tuinen, MVT Communications
Tel. 616-844-5411
Links:
www.PacificLifeOpen.com
