NEW YORK (Ticker) -- After waiting almost two years, the WTA Tour has finally found a new sponsor.

With star players Martina Hingis and Venus Williams looking on, CEO Bart McGuire announced today that the WTA Tour has entered into a five-year, worldwide title sponsorship with Sanex, a line of body care products made by Sara Lee.

Although the terms of the contract were not released, McGuire termed the pact "the biggest sponsorship in the history of women's sports."

The tour, which had not had a sponsor since the Canadian computer company Corel ended its association after the 1997 season, will now be known as the Sanex WTA Tour, and the weekly women's tennis rankings will be called the Sanex WTA Tour Rankings.

"We are delighted to be associated on a long-term basis with Sanex and Sara Lee," McGuire said. "Sanex will be a sophisticated marketing partner as well as our title sponsor. The company is committed to a substantial advertising and promotional compaign featuring the association between Sanex and women's tennis."

Since 1997, women's tennis has grown in popularity, setting attendance records and increasing its television ratings. Despite its success, the Tour could not find a single sponsor that could be marketed at every tournament worldwide until today.

The Sanex brand is sold in over 20 countries, primarily in Europe, and also in Asia and Africa. The five-year agreement includes the title sponsorship, as well as signage, hospitality and other on-site benefits at Tour events through the world, except in North America, where Sanex will have limited benefits for the first two years.

"It was good to hold out until the right company could be signed," said Billie Jean King, who had a large part in establishing the Women's Tennis Association in the early 1970s.

"In today's world, a company has to make a significant contribution to leverage it's sponsorship through marketing, advertising, public relations and other means. Sanex is making that commitment, which will help take women's tennis -- and women's sports -- to new levels at the start of the 21st century."

This is not Sanex's first foray into women's tennis. The company sponsors a team of European players and a WTA Tour tournament at Knokke-Heist in Belgium.

While Sanex has an option to sponsor the North American portion of the tour after two years, McGwire said he was still looking for another sponsor.

"We're out on the marketplace for a North American sponsor with the benefits of the net posts and the banners on the walls and hospitality and other vendors at the tournaments," he said.