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USTA invests in Indian Wells pro tourney
USTA invests in Indian Wells pro tourneyOctober 24, 2005
INDIAN WELLS, Calif. (AP) -- The U.S. Tennis Association has invested in the Pacific Life Open, helping keep the high-profile pro event from moving to China in 2007.
The USTA's board of directors said Monday that it had approved a 50 percent buyout of management firm IMG's interest in the event that combines the men's and women's pro tours. IMG had wanted to sell to a Chinese group.
Raymond Moore and Charlie Pasarell of PM Sports own the other 50 percent.
The group owning the other half is the USTA, Tennis magazine owners George Mackin and Bob Miller, as well as others who have yet to be identified.
Also, the USTA will take a major role in marketing, sponsorship and television for the two-week tournament, held in March. This year's women's tournament had a $2.1 million total purse. The men's event was worth $2.9 million. ``The Pacific Life Open is one of the world's most prestigious tennis tournaments with a significant profile in the U.S. sports landscape,'' said Franklin Johnson, USTA president and chairman of the board. The USTA's investment is subject to completion of an agreement with the tournament's other investors and IMG.