Newport Beach-based Pacific Life Insurance Co. has signed a one-year deal to continue as sponsor of the Pacific Life Open tennis tournament in Indian Wells.
Pacific Life’s previous five-year sponsorship ended with the desert tennis event in March.
The life insurer agreed to a one-year deal because the tournament’s owners are working on a broad pact to extend TV coverage for 2008 and beyond. A TV contract with ESPN is set to expire after the 2007 tournament.
“It might change the dynamics,” a Pacific Life spokesman said of TV talks.
Pacific Life is continuing in talks to sponsor the event for 2008 and beyond, he said.
In March, directors of the Pacific Life Open, which has struggled financially and sold some of the surrounding land at the Indian Wells Tennis Garden to developers, announced plans to sell a 50% stake held by management group IMG to help cut debt.
The acquiring group includes former tennis stars Pete Sampras, Chris Evert and Billie Jean King, as well as the United States Tennis Association, Tennis Magazine and the city of Indian Wells.
PM Sports owns the other half of the tourament and runs the event.
Pacific Life is involved in other sports sponsorships.
In October, Pacific Life, which is Orange County’s largest private company, extended its sponsorship of the Pacific Life Holiday Bowl through 2009. Pacific Life has been the college bowl game’s title sponsor since 2002.
