USTA Wants to Help Event

The new president of the United States Tennis Assn. said Monday that his group would meet next week with officials of the Pacific Life Open tournament, hoping to help the tournament through its financial struggle.

“I would say there is the possibility of us doing something,” said Franklin R. Johnson of Los Angeles, who began a two-year term Jan. 1.

Johnson said that he was familiar with the debt-service problems facing the Indian Wells event and that his organization, with a portfolio of around $150 million, was nicely positioned to help out.

“We have tremendous assets and have piled up large reserves, and we don’t want to make bad investments, obviously,” he said. “But we also can see the logic in investing in our sport, rather than just in the stock market. I have started that process already, by introducing plans to our board that would mean we operate at a deficit for the next few years while investing more in our sport. And the board seemed receptive to that in some of our early discussions.”

Johnson said he had talked with tournament director Charlie Pasarell and was left with the impression that the first option for bailout was the city of Indian Wells.

“I think they are in talks with them now,” he said. “They could more easily handle acquiring bonds. I think that is where they are looking first.”

Johnson said that he expected next week’s meetings to include himself, Pasarell, IMG President Bob Kane and USTA Chief Executive Arlen Kantarian.

“Obviously, it is very important to keep an event such as this in the United States,” Johnson said.