ATP agree $35 million deal for showpiece tournament

Wed Jun 18, 2008 8:51am EDT
 
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LONDON (Reuters) - The ATP has agreed a $35 million, five-year sponsorship deal with banking giant Barclays for its end-of-season finals starting in 2009.

The event, which features the top eight singles players in the world, will change its name to the ATP World Tour Finals when it comes to London, replacing the Tennis Masters Cup currently held in Shanghai's Qi Zhong Tennis Centre.

London's O2 Arena, formerly known as the Millennium Dome, will stage the tournament in November. The five-year sponsorship deal, worth an annual $7 million, has option to be extended for another three years.

"I am delighted to welcome Barclays as the new title sponsor and partner of the ATP World Tour Finals," ATP executive chairman Etienne de Villiers said in a statement.

"Men's tennis is on the verge of exciting and unprecedented change, designed to unlock the vast potential of our sport and I am thrilled that our new partner, Barclays, shares in that vision for the future."

(Reporting by Martyn Herman, editing by Pritha Sarkar)