Oracle's Ellison Acquires Indian Wells Tennis Event and Venue
The BNP Paribas Open in Indian Wells, California, will remain in the United States after being purchased by tennis enthusiast and CEO of Oracle Corporation, Larry Ellison. The BNP Paribas Open, which is a combined men’s and women’s tennis tournament held over ten
days in early March, is one of the most highly-attended tennis tournaments in the world after the four Grand Slams.
There had been concern that the Indian Wells event might be purchased by overseas investors who would move the tournament from California. To the relief of many in the American tennis establishment, the tournament will now stay in California for the foreseeable future. Ellison purchased the tournament from a private ownership group which included tournament promoters, Charlie Pasarell and Raymond Moore of PM Sports Management, as well as George Mackin and Bob Miller of Tennis Magazine, the U.S. Tennis Association and tennis legends, Pete Sampras, Chris Evert and Billie Jean King. Pasarell and Moore signed four year agreements to continue to run the tournament while Steve Simon will continue as Tournament Director and Chief Operating Officer of the Indian Wells Tennis Garden and George Mackin will be Director of Sponsorship Marketing. In the deal, Ellison also bought the venue, Indian Wells Tennis Garden, where the BNP Paribas Open tennis tournament is played and which has also hosted other sports and entertainment events. The financial terms of the deal, which was a private investment by Mr. Ellison, were not released. However, Sports Business Journal reported that the sale might exceed $100 million.
Ellison’s acquisition of the BNP Paribas Open is not his first investment in sports. Ellison has also been very involved with sailing through the BMW Oracle America's Cup sailing team and has apparently also been interested in investing in an NFL club. Given the still somewhat fragile state of the global economy, as well as the ongoing concerns about the “next generation” of American tennis superstars, it can only help the future of American tennis to have such a high-profile, appealing and successful tennis tournament remain in the United States. Ellison has said he hopes to build on the tournament’s past success to make it an even bigger internationally-known sports event. That sounds promising as well…
There had been concern that the Indian Wells event might be purchased by overseas investors who would move the tournament from California. To the relief of many in the American tennis establishment, the tournament will now stay in California for the foreseeable future. Ellison purchased the tournament from a private ownership group which included tournament promoters, Charlie Pasarell and Raymond Moore of PM Sports Management, as well as George Mackin and Bob Miller of Tennis Magazine, the U.S. Tennis Association and tennis legends, Pete Sampras, Chris Evert and Billie Jean King. Pasarell and Moore signed four year agreements to continue to run the tournament while Steve Simon will continue as Tournament Director and Chief Operating Officer of the Indian Wells Tennis Garden and George Mackin will be Director of Sponsorship Marketing. In the deal, Ellison also bought the venue, Indian Wells Tennis Garden, where the BNP Paribas Open tennis tournament is played and which has also hosted other sports and entertainment events. The financial terms of the deal, which was a private investment by Mr. Ellison, were not released. However, Sports Business Journal reported that the sale might exceed $100 million.
Ellison’s acquisition of the BNP Paribas Open is not his first investment in sports. Ellison has also been very involved with sailing through the BMW Oracle America's Cup sailing team and has apparently also been interested in investing in an NFL club. Given the still somewhat fragile state of the global economy, as well as the ongoing concerns about the “next generation” of American tennis superstars, it can only help the future of American tennis to have such a high-profile, appealing and successful tennis tournament remain in the United States. Ellison has said he hopes to build on the tournament’s past success to make it an even bigger internationally-known sports event. That sounds promising as well…
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Comments
Hopefully Larry Ellison can talk the Williams sisters into returning to the event. We love the tournament but do miss Venus and Serena.
Posted by: Sandra Wilkinson | February 4, 2010 08:10 PM