Brazilian Bank Itaú Negotiating Sponsorship Of ATP 500 Event

Brazilian financial institution Itaú "is in advanced conversations" to sponsor the two ATP tournaments on Brazilian ground, according to Guilherme Costa of MAQUINA DO ESPORTE. The most advanced talks are with marketing agency IMX, which will organize the ATP 500 event that will make its way to Brazil for the first time in '14. Itaú is interested in "becoming the title sponsor" of the event. The company is "also in talks" with marketing agency Koch Tavares, which is responsible for the Brasil Open. The tournament is an ATP 250 event that has been held in Brazil since '01. Proctor & Gamble brand Gilette already owns the title sponsorship rights to this event and if Itaú does sponsor the tournament it will be in a lesser role. Itaú's expectations "are that negotiations will continue to advance in the upcoming days" (MAQUINA DO ESPORTE, 3/8).