Larry Ellison, co-founder and CEO of Oracle Corp., has purchased the BNP Paribas Open Tennis Tournament and the Indian Wells Tennis Garden, the tournament announced today.

Ellison formed Tennis Ventures LLC and purchased the tournament and venue from the existing ownership group, according to a press release from the BNP Paribas Open.

Previous owners Charlie Pasarell and Raymond Moore will continue to manage the event and the tennis garden for the new company, the tournament announced.

Ellison said in a press release that he was excited to become the new owner of the open and the tennis garden.

"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," he said. "This tournament has an incredibly solid foundation, including one of the best venues and management teams, and I intend to build on that."