On August 29, 2006, Sony Mobile Communications announced the signing of a four year contract to become the title sponsor of the Sony Open. With over $10 million in prize money the Sony Open is one of the largest tournaments in the world with Title Sponsorship. When Butch Buchholz established the event in 1985, it marked the first time in 56 years that a new two-week tournament featuring men and women was launched. Located in Delray Beach (Laver's International Tennis Center) in 1985 and Boca Raton (Boca West) in 1986, the tournament found a permanent home in 1987 on Miami's Key Biscayne. In 1994, Miami-Dade County christened the Tennis Center at Crandon Park, a 30-acre expanse that is transformed each year from a public tennis facility into a full-fledged festival for the Sony Open. The Sony Open, considered one of the most prestigious titles in professional tennis, has been awarded "Tournament of the Year" by the ATP in nine of the last 13 years. In 2004 the event was also named "Tournament of the Year" by the WTA. In 1999, the tournament was purchased by IMG.