The long-running Miami Open will get a new lead sponsor starting in 2015.
US Open: Djokovic, Federer Top Two Seeds
According to Bloomberg News, Itau Unibanco Holding SA simply known as Itau will take over as lead sponsor from 2015-2019. The combined ATP/WTA tournament will now be called the "Miami Open presented by Itau".
The bank hopes that by being connected with the event it will attract more interest from Miami's growing Brazlian population.
"Our customers love tennis,” Andrea Pinotti Cordeiro, the bank’s institutional marketing director, said in an interview. “We have a very important office for private banking operations in Miami, we serve mostly Latin American and Brazilian customers here."
“It is a deal that is among the strongest that you’ll find for either a presenter or title sponsor," Tournament director Adam Barrett said.
Started in 1985 in Butch Buchholz, the Miami event continues to bill itself as a "Fifth Slam" or the "Winter Wimbledon". The tournament was sold to IMG in 2000.
Novak Djokovic and Serena Williams won this year's men's and women's events earlier in the year.
(Photo Credit: AP)