SBD/Issue 135/Events & Attractions

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  • Pasarell And Moore To Buy IMG Out Of Pacific Life Open

    Moore, Pasarell Looking To
    Buy IMG Out From Tournament
    PM Sports President Ray Moore, whose group owns half of the Pacific Life Open, and partner Charlie Pasarell have reached a deal to buy out IMG’s 50% interest in the event, according to Akilah Seecharan of the Palm Springs DESERT SUN. The purchase price was not disclosed, and Moore would not say who would join PM Sports in the purchase. After the buyout, the group hopes to move forward with a refinancing of the Indian Wells Tennis Garden and “examine other means to secure financial stability for the tournament and stadium” (Palm Springs DESERT SUN, 4/7). Moore on Tuesday indicated that IMG wanted to accept an offer from an overseas buyer that would have grossed $100M. But Moore said, “We are not in the market to sell this tournament” (Ginn & De Vega, Palm Springs DESERT SUN, 4/6). In L.A., Lisa Dillman cited a source as saying that there has “been more than one offer to purchase” the event and that one group was based in Shanghai. USTA President Franklin Johnson last month “raised the possibility of assistance from his organization,” which led to talk of AEG getting involved. But Moore indicated that he and Pasarell have not had “any direct talks with AEG” (L.A. TIMES, 4/7).

    Print | Tags: Events and Attractions, IMG, JPMorgan Chase, USTA
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