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.
The season-ending contest, which has been held for 24 years, will now go by the name Chase Championships. The women considered the top 16 tennis players in the world will compete.
The deal is the second recent investment Chase has made to promote its brand name through women's tennis. The bank spent $1.8 million to sponsor this year's U.S. Open Women's Singles Championships, according to a spokesman.
Chase also sponsors several other sporting events, including the New York City Marathon, the Chase Corporate Challenge, the college basketball National Invitation Tournament, and an indoor track event called the Millrose Games.
Mr. McCabe said Chase spends $4 million to $5 million a year on sports marketing. But companies like NationsBank Corp. and Visa International spent $40 million apiece to be sponsors of this year's Olympic Games in Atlanta, plus additional marketing costs.
