ATP WORLD TOUR event the Legg Mason Classic has a new title sponsor, with financial powerhouse Citi agreeing a five-year deal for the Washington DC tennis tournament.
Under the deal, Frontloaded estimates that Citi will be contributing at least $2.5m per year to cover the $1.3m prize fund and intellectual property inventory.
The new agreement will see Citi become the event’s seventh title sponsor and replace Baltimore-based investment management company Legg Mason, which has title-sponsored the event since 1994 – the longest-running ATP title sponsorship in North America.
Ending its 18-year association with the tournament is thought to be a result of the company’s poor fiscal results of late.
Legg Mason has struggled since the 2008 financial crisis and will report its fourth quarter earnings on May 1 with profits expected to fall by 54.3 per cent from the third quarter.
As an ATP World Tour 500 event, the newly-named Citi Open is recognised as one of the world’s top 20 tournaments and will see the smaller WTA Tour event in the DC area, already title-sponsored by Citi, merge with the men’s event.
As the rights holder of the tournament, French sports agency Lagardère Unlimited brokered the deal with Citi. Thought to have been involved in negotiations on the brand side was Citi’s chief brand officer Dermot Boden.
By Luke Harman
Follow Luke on Twitter: @lukeharmanSBG