Copyright © 2015. No duplication is permitted without permission from Bob Larson Tennis.

The continued sponsorship of the ATP World Tour Finals by Barclays has hung in the balance for most of the year but the appointment of American Jes Stanley as the bank’s new chief executive effectively sealed the fate of the deal that dates back to the event moving to London in 2009.

Next year’s event will see the conclusion of the agreement, brought about according to Barclays because of  “changes in commercial priorities”.

A spokesman said the bank was going through a period of change and it was re-assessing the way its portfolio of sponsorships worked for the company.

Stanley has been tasked with economizing the business with job cuts and mammoth cost savings being made across the group. Recently Barclays announced their $60 million a year sponsorship deal with the English Premier League in soccer would come to a close at the end of the 2015-16 season.

Other economies, such as the hire-a-bike scheme in the British capital ceased in March with rival bank Santander filling the vacancy.

No figure has ever been released on the extent of Barclays sponsorship of the ATP World Tour Finals but it has long been thought to be rewarding with 35,000 spectators filling the London 02 Arena each year.

The ATP is not commenting on the situation for the time being but given the success of the tournament, that is now expected to stay in London until at least 2018, it is expected that a replacement for Barclays will be announced.

Copyright © 2015. No duplication is permitted without permission from Bob Larson Tennis.