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Hong Kong's highest-profile women's tennis tournament has asked the government for a $700,000 (435,594 pound) bailout after its main sponsor withdrew backing for the early season exhibition event.

Organisers are hoping the Hong Kong government would dole out HK$5.5 million (441,533 pounds) for the Women's Champions Challenge through a newly established Mega Events Fund, the South China Morning Post reported on Wednesday.

"It's unfortunate but like many other companies, the JB Group has also been caught up in the financial tsunami," tournament director Terry Catton was quoted as saying by the paper, referring to the Indian diamond group which pulled out as title sponsors of the January 6-10 event.

Although not part of the WTA Tour, high-ranking players such as Maria Sharapova, Serena Williams and Kim Clijsters have all participated in the Australian Open warm-up event.

Catton added that the tournament would still go ahead "whatever happens."

(Source: Reuters)