The new end-of-season tennis tournament planned for the O2 Arena in Greenwich from next year will be backed by a £20million sponsorship from Barclays Bank.

The Barclays ATP World Tour Finals will replace the Tennis Masters Cup, currently held in Shanghai - won last year by Swiss world No1 Roger Federer - and will be based in London from November 2009.

The event will feature the world's best eight singles players and doubles teams vying for one of the biggest cash prizes in the sport.

The five-year deal with Barclays is a major coup and includes the option to extend it for a further three years.

Etienne de Villiers, chairman of the ATP, said: "I am thrilled that our new partner, Barclays Bank, shares in our vision for the future."