Magazine article American Banker

Virginia Slims Tourney Now Chase Championships

Magazine article American Banker

Virginia Slims Tourney Now Chase Championships

Article excerpt

Chase Manhattan Bank said Thursday that it had signed a $1 million deal to become the new sponsor of the women's tennis tournament formerly called the Virginia Slims.

The event, which will be held the second week of November in New York's Madison Square Garden, had been criticized because of its tobacco company sponsorship.

Philip Morris Cos. had used the tournament to promote its Virginia Slims cigarettes, marketed exclusively to women.

But this year the Women's Tennis Association, which owns and runs the event, sought a new backer.

"Because of the controversy over smoking, the WTA and Madison Square Garden looked for a new sponsor. Madison Square Garden found us," said Charles McCabe, Chase's executive vice president of event marketing.

Officials at Philip Morris were unavailable for comment.

Mr. McCabe said Chase has agreed to sponsor the tournament for three years, although how much it will cost the bank in 1997 and 1998 has yet to be negotiated. …

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