My apologies if this has been discussed here. I did a forum search but couldn't find any thread about this sale.
L.A.’s great summer tennis happening will be no more.
The Southern California Tennis Association, which owns the tournament
that has been played in L.A. for 85 years, is according to multiple
sources in the final stages of negotiations to sell The Farmers
Classic to investors in Colombia who will move the tournament to
Bogota. The deal reportedly will be worth $1.5 million, and there will
be no tournament in L.A. this year.
The article above was from the 8th. This article from yesterday
mentions the owners of the Indian Wells event wanting to buy the tournament but were rebuffed.
Indian Wells CEO Ray Moore told TENNIS.com that his group—which includes owner Larry Ellison, the CEO of Oracle—“offered to buy the tournament a year ago. They never came back to us. A year ago they gave us two stories, they said they’d sell 49 percent to us and we said Larry Ellison is not going to be a minority partner, and then they told us that they had someone else who was interested and would conform to the 51 to 49 percent, and they never even came back to us. They never said said, ‘Guys we have a buyer from Bogota do you want to preempt it?’ I’m surprised there wasn’t another conversation about it. I was amazed when we heard about the deal. We only heard about it two or three weeks ago.”
I read elsewhere that the tournament hasn't turned a profit in over 4 years and hadn't offered appearance fees for the top players for the past few years. We know how the olympics affected the tournament this year.