Advanta Terminates $6 Mil in Tennis Sponsorships
U.S. Bankruptcy court in Wilmington, Delaware has granted Advanta Corporation the opportunity to waive roughly $6 million of its World Team Tennis sponsorship.
Advanta, which filed for bankruptcy in November, agreed to pay $6.75 million to be the sole title sponsor for World TeamTennis in 2008 running through 2011. It was also the presenting sponsor of the WTT's Philadelphia Freedoms at a cost of $2.25 million.
The Philadelphia Business Journal reports that approximately $3 million (2 payment installments) of the total $9 million (over 6 installments), guaranteed under the contracts, has already been paid.