South Florida's biggest tennis tournament is being renamed.

The annual event on Key Biscayne will be known for the next five years as The Miami Open. The Latin American bank Itau is taking over as the event's presenting sponsor.

The tournament had most recently been called the Sony Open. Sony had been in the tournament's name since 2007.

One of the top tournaments outside of the Grand Slams, the event started in Delray Beach, Florida in 1985, moved to Boca Raton the following year and then came to Key Biscayne. More than 300,000 tickets are sold annually and matches are broadcast to 193 countries.

Next year's tournament is March 23-April 5. Novak Djokovic and Serena Williams won the titles on Key Biscayne this year.