Oracle co-founder and CEO Larry Ellison has assumed full ownership of the BNP Paribas Open in Indian Wells, the tournament announced today. The deal includes the 55 acres of land connected to the tournament.
"Anyone who knows me knows I love the game of tennis. I play it regularly, watch it frequently and now look forward to being in Indian Wells every March to host the greatest players in the world," said Ellison, who is also heavily involved in America's Cup yachting through his involvement in the Oracle racing team. "This tournament has an incredibly solid foundation including one of the best venues and management teams and I intend to build on that."
The current management team of Charlie Pasarell, Raymond Moore, Steve Simon (PM Sports Management) and George Mackin (Tennis magazine) will remain in place under a four-year contract. Sportsbusiness Journal cited a source saying the deal was worth more than $100 million.
Officials said Ellison's purchase means the tournament, which has been in danger of being sold and moved to a foreign location in the past, is now secure in its Indian Wells location.