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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).
