ATP Tour, Corona Beer Sign $70M Sponsorship Deal

Feb. 24 -- Corona Extra and the ATP men's tennis tour have signed a 5 1/2-year sponsorship agreement estimated at $70 million that makes the Mexican beer brand the top sponsor.

The deal is expected to take effect by May. It makes Corona Extra the official beer sponsor of the tour and allows the company to put its logo on nets at about two-thirds of the ATP's 62 tournaments. The deal also involves other marketing rights.

The men's tennis tour has been searching for a main global backer since Mercedes-Benz ended its partnership when its contract with the ATP expired in 2008. The carmaker had been a leading sponsor since 1996.

The women's tennis tour has a global title sponsor deal with Sony Ericsson that is about to expire. The cellphone maker's $88 million, six-year deal with the WTA Tour was announced in January 2005.

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