Financial services provider Credit One Bank has agreed a multiyear sponsorship deal with Charleston Tennis for the latter's WTA 500 women's tennis tournament and Daniel Island venue in the city in the US state of South Carolina.

Agreed by the bank’s owner Credit One Financial, the deal sees the stadium renamed the Credit One Stadium, with the new name for the tournament, formerly known as the Volvo Car Open, to be announced at a later date.

Charleston’s WTA 500 event, which launched in 1973, will celebrate its 50th year when the 2022 event takes place on 2 to 10 April. It is the largest women's-only tennis tournament in North America.

Volvo Cars USA, which was the title sponsor of the event from 2016 until this year, will remain a partner of Charleston Tennis as the official vehicle.

Credit One sought further opportunities to partner with Charleston Tennis following the perceived success of the Credit One Bank Invitational, held in June 2020.

The event was part of the Tennis Channel’s Re(Open) Tour, and the first prominent tennis event to be held in the US after a hiatus caused by the Covid-19 pandemic last year, helping to raise funds for the Medical University of South Carolina’s frontline healthcare workers.

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Bob Moran, president of Charleston Tennis, said: “The future of live tennis is a bright spot for us, building and planning for what the future will look like for the new Credit One Stadium. After nearly 18 months of navigating postponements and cancellations, we look forward to bringing world-class tennis back to Charleston each April and broadening our reach to bigger and better concerts and special events throughout the year.”

John Coombe, senior vice president of marketing at Credit One, added: “We’re proud to be working with Charleston Tennis, LLC, and the City of Charleston to build on the great history of this tournament and give the passionate fan base in the area and women’s tennis players from around the world a great experience at a state-of-the-art venue. We want to grow the Credit One brand name throughout the region while continuing to invest in entertainment and community programs important to our customers and fans.”

The new deal sees Credit One add Charleston Tennis to a list of partners that includes US motor racing's Nascar, professional wrestling’s WWE, NFL American football’s Las Vegas Raiders and NHL ice hockey’s Vegas Golden Knights.