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Sony Ericsson cuts womens tennis funding
Mobile phone maker Sony Erisson has extended its sponsorship of the Women's Tennis Association for two years, but has cut the value the of the deal and lost competition naming rights, the Financial Times reports. GA_googleFillSlot("sb_news_MAM");
The deal is still close to the value of the $88 million, six-year deal which comes to an end this year, WTA chairman and chief executive Stacey Allaster said. However the renewal leaves the WTA looking for a replacement title sponsor for its year-end championships.
Sony Ericsson made a net loss of €836 million last year. A spokesman said of the new WTA deal: “The business transformation is about being more efficient with funds.” The company sponsors tennis player Maria Sharapova and will be involved in parent company Sony's FIFA World Cup sponsorship, but currently has no plans for further sponsorships.