The side-line corporate wheeling and dealing at the XL Capital Bermuda Open this week has been as world-class as the tennis.

And the ATP Tour Challenger event has grown since its inception six years ago to be a lucrative money-spinner and deal-clincher for business in general as well as for Bermuda's tourism industry.

One XL Capital executive called the tournament "Bermuda's version of Wimbledon'' and that is a direction the organisers are happy to head.

But they insist that fostering interest and enthusiasm for tennis is still the week-long annual event's best outcome.

Tomorrow two-time US Open Champion and part-time Bermudian resident Pat Rafter will be centre stage in his exhibition match at the Coral Beach and Tennis Club.

While his on-court form will be beamed around the world by Fox Television and a myriad of sports television shows, the behind-the-scenes action of the band of sponsors and spectators will remain more discrete.

Once again this year the newly-named insurer XL Capital Ltd. is the title sponsor of the event after a private deal thought to be worth hundreds of thousands of dollars.

This year the marketing deal seems ideal to ensure the company's new name -- it was formerly Exel Ltd. -- becomes widely known.

Global big-five accounting firm PricewaterhouseCoopers is the presenting sponsor.

Tournament manager Maribeth Anderson said yesterday the many smaller sponsorship deals from box sponsors to official sponsors ranged from $18,000 to $50,000.

The multi-tiered sponsorship under XL reads like excerpts from a who's-who in a global business guide.

New-York-based financial firm DLJ direct, the Bank of Bermuda, Conyers Dill & Pearman, Renaissance Reinsurance, Wilson Racquets, Bacardi and the Bermuda Department of Tourism are official sponsors.

Boston head-quartered Loomis & Sayles and Citibank's London office are among tens of other box sponsors.

So why are all of these blue-chip bodies so keen to get involved in Bermuda's top tennis event? XL Capital's president and chief executive officer Brian O'Hara explained yesterday that the insurer's reason for getting involved back in 1993, and staying involved, was to "give something back to Bermuda''.

But there were also other benefits for the company.

"Over the years we have entertained customers, prospects, wholesale and retail brokers, directors, shareholders, industry partners and key vendors,'' he said.

"They appreciate the opportunity to spend time together outside of the office environment and seeing world-class tennis here in Bermuda.

"When we entertain customers and brokers at the US Open in New York in August, we will often watch several of the same players that we have seen here in Bermuda in April.

"Many of the XL Capital Bermuda Open players are the new young guns of tennis that are working their way to the top of the world rankings. The talent is consistently strong year after year.'' Tournament manager Mrs. Anderson agreed sponsors got a lot more for their money than first class tennis and a close-up view of tomorrow's world champs.

Businesses willing to commit the cash could expect to enjoy hobnobbing with some of the world's "tennis legends'' like Fred Stolle, Roy Emmerson, Ross Case or Tom Gorman, she said.

They could polish up their tennis skills at private clinics with the greats, have golf outings, five-star dinners and lunches, advertising perks, get their logos on marketing material and have radio or court exposure.

All of that on top of the obvious boons for overseas business executives -- the sunshine, beaches and golf courses.

She said the tournament with a total prize purse of $100,000 this year was looking like it would break even and organisers had a goal of setting up a tennis scholarship fund.

Tickets for individual spectators are still available at the gate, with between 10,000 and 12,000 visitors expected this year and ticket prices ranging from $15 to $40.

But the 80 corporate boxes were sold out weeks ago. The perfect setting to clinch a deal or woo a client, each box sits four to six people and costs between $7,750 and $30,750 -- depending on the required additional perks.

Some were fully catered with luxury meals and all had bar service.

She said eight individuals bought boxes for their "entertainment value'' and the rest were purchased by international and local businesses who understood their direct and indirect value.

"Everyone enjoys tennis but that's by no means all there is to this. This event is very valuable for business and each year we are finding that everyone understands the event more, how it works and how it can work for them.

"There is more interest from business each year to bring their execs out and do a bit of business, watch a bit of tennis and generally build a stronger relationship in a beautiful setting.'' And without the strong presence of the business world at the tournament it could not continue.

"The role the corporate world plays is extremely important. We need them so of course we have to create the right atmosphere for businesses, their executives and clients to network on a Bermuda-level and internationally.'' She said the local tourism industry also gained a great deal from the event through the global cable exposure as well as newspaper coverage.

"Someone pointed out a huge story on the tournament in a Brazil newspaper yesterday and we are constantly getting requests for information or photos from all over the world, Australia, South America, everywhere.'' She said the cable crew expected to film over the weekend did not just broadcast the tennis but many of the Island's beauty spots as well which increased interest in Bermuda as a holiday destination.

And just the hotel rooms for the players meant an additional 700 to 900 room nights for the industry this year, let alone the ATP officials, overseas spectators and visiting business executives.

Each year the organisers also donate proceeds of the event to the Bermuda Lawn Tennis Association, give hundreds of match tickets to local schools and provide lessons for under-privileged youth.

"This event is a good thing, for business, for Bermuda, for tennis.'' Holding court: XL Capital boss Brian O'Hara (third from left) is shown in the company's corporate box high above centre court at Coral Beach and Tennis Club.