DUESSELDORF, West Germany — The new sponsor of the World Team Cup tennis tournament has raised the prize money purse from $500,000 to $750,000 for the annual eight-team event, organizers announced.
The French car company Peugeot, which has signed a three-year contract to sponsor the May tournament, will provide the bulk of the money, tournament chief Horst Klosterkemper told a news conference.
Peugeot replaces another French company, the cosmetics concern L'Oreal, as the World Team Cup's main sponsor.
The prize for the winning team will be raised to $300,000, $50,000 more than in previous years, Klosterkemper said. The losing finalists will receive $150,000.
This year's tournament is scheduled for May 18-24 in Duesseldorf, with the following teams taking part: Defending champion France, Sweden, Czechoslovakia, Spain, Argentina, Australia, United States and West Germany.