IMG’s stake is believed to have been worth around $25m. They had previously been in talks with groups from China.
The event, the fifth-highest attended tennis tournament in the world, will see the USTA make a financial investment as well as provide resources to enhance the tournament’s marketing, sponsorship and television activity.
The USTA will also have the option to increase its investment in the tournament over the next six years.
Said Franklin Johnson, chairman and president of the USTA: “The Pacific Life Open is one of the world’s most prestigious tennis tournaments with a significant profile in the US sports landscape.
“The USTA’s decision to help assist in keeping this prestigious tournament in the United States is consistent with our mission to promote and develop the growth of tennis."
Other investors include Charlie Pasarell, Raymond Moore, and the City of Indian Wells.
The USTA’s investment is subject to completion of an agreement with the tournament's other investors, and the current owners.
The board of directors of the US Tennis Association (USTA) have confirmed they will be among investors snapping up IMG’s 50 percent stake in the Pacific Life Open tournament in Indian Wells.
