INDIAN WELLS: Larry Ellison, founder and chief executive of computer firm Oracle, has bought the ATP and WTA hardcourt event played at Indian Wells every March, officials said on Monday.

The deal includes the stadium and grounds upon which the BNP Paribas Open is played, properties valued at 50 to 100 million dollars according to Sports Business Journal.

"I am very excited," Ellison said. "Anyone who knows me knows that 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."

The tournament, to be played next March 8-21, was previously owned by a group that included tennis legends Pete Sampras, Billie Jean King and Chris Evert, the US Tennis Association, officials of Tennis magazine and tournament manager Charlie Pasarell.

"The previous owners and I are thrilled to have Larry Ellison as the new owner," Pasarell said. "He is as passionate as we are and desires to continue with the vision and the goals we have established."

The event first came to Indian Wells in 1976 and has been owned by the group headed by Pasarell and Ray Moore since 1981. Their PM Sports Management will continue to manage the event for Ellison.