The Women’s Tennis Association has chosen Singapore to host the 2014-2018 WTA Championships. Under the terms of the five-year agreement, the top eight singles players and the top eight doubles teams will compete for a purse of $6.5 million.

“It gives me great pleasure to announce that the sensational city of Singapore has won the right to host the WTA Championships, the WTA’s crown-jewel season finale for the next five years, from 2014 to 2018,” said Stacey Allaster, WTA chairman and CEO. “This is the largest and most significant WTA Championships partnership in our history. It’s a record-breaker.”

World Sport Group, a subsidiary of Lagardere Unlimited, with support from the Singapore Sports Council and the Singapore Tourism Board, represented Singapore for the winning bid, according to a WTA statement.