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Posted: Thursday November 12, 2009 1:32PM; Updated: Thursday November 12, 2009 1:32PM

Buchholz stepping down as Key Biscayne tournament chairman

Story Highlights

Butch Buchholz is the founder of the annual tournament on Key Biscayne

The event Buchholz started in 1985 is the world's fifth-largest tennis tournament

Buchholz, a former top-five player, says he plans to pursue new business chances

KEY BISCAYNE, Fla. (AP) -- Butch Buchholz, founder of the annual tennis tournament on Key Biscayne, is stepping down as chairman following the 2010 event.

The event Buchholz started in 1985 is the world's fifth-largest tennis tournament and known as the Sony Ericsson Open.

Buchholz, a former top-five player, says he plans to pursue new business opportunities and remain active in tennis.

With the Key Biscayne tournament, Buchholz pioneered the concept of combined events for men and women beyond the four Grand Slam tournaments. It was the first tournament besides the major events to offer equal prize money, and the first tournament to use the now-popular electronic replay system.