ATP has announced a “multi-year strategic partnership” with Saudi Arabia's sovereign wealth fund as Saudi Arabia strengthens its involvement in professional tennis.
The ATP rankings and year-end world number one award are named after the Saudi Public Investment Fund.
PIF's on-court branding will be seen at some of the ATP Tour's biggest events starting next month in Indian Wells.
The amount invested in PIF's men's tour has not been disclosed.
“Our strategic partnership with PIF is a major milestone for the world of tennis,” said ATP CEO Massimo Calvelli.
“This is a shared commitment to driving the future of sport.”
PIF also sponsors tour tournaments in Miami, Madrid and Beijing, which are part of the ATP 1000 circuit, the highest level below the Grand Slam tournaments, as well as the season finale, the ATP Finals.
Grass court events in the UK such as Queen's and Eastbourne were also offered on-court sponsorship deals with PIF, but the Lawn Tennis Association (LTA) turned down the opportunity in January.
Saudi Arabia has invested huge sums of money in soccer, golf, Formula 1 and boxing in recent years.
However, the country has long been criticized for its poor human rights record, particularly its treatment of women and the criminalization of homosexuality.
Why is Saudi investment so important?
ATP signed a five-year deal last year to host the Next Generation ATP Finals in Saudi Arabia and already hosts professional events in Saudi Arabia, with the first tournament to be held in Jeddah in November.
Several big-name stars have already played in the lucrative exhibitions held there, and a new event featuring Novak Djokovic, Rafael Nadal and three other Grand Slam winners is scheduled to be held in October.
Last month, 22-time major champion Nadal signed up as an ambassador for the Saudi Tennis Federation.
The partnership with ATP could mark the beginning of further Saudi influence and investment, with PIF saying the move would be a “catalyst for growth in global tennis”.
Mohammed Al Sayad, head of corporate brand at PIF, believes this will also help “develop talent, promote inclusivity and drive sustainable innovation.”
The WTA, the governing body of the women's tour, has drawn criticism for considering holding the season finale in Saudi Arabia.
In January, tennis greats Martina Navratilova and Chris Evert wrote an opinion piece outlining their opposition to the WTA Finals being held in Riyadh.
In response, Saudi Ambassador to the United States Princess Reema bint Bandar Al Saud said the pair had “turned their backs on women” by opposing WTA events in the Gulf state.
Princess Reema told the couple to “get the facts straight” on issues of Saudi law affecting women, saying their arguments were “based on outdated stereotypes and a Western-centric view of our culture.” There is,” he added.
She did not address their criticism of laws that criminalize the LGBTQ community.