SYDNEY, Oct. 10 (Xinhua) -- The Australian Open Tennis Grand Slam is celebrating the largest Chinese sponsorship deal in the tournament's history, with Baijiu brand Luzhou Laojiao set to become an associate sponsor of event for the next five years.

Announced on Tuesday evening in Shanghai, the partnership is being viewed as a major win for organizers who have invested heavily in promoting the event to Chinese travelers.

"We are delighted to welcome Luzhou Laojiao to the Australian Open partner family, a significant event in the history of our organisation," Tennis Australia's chief revenue officer Richard Heaselgrave said in a statement.

"We've made no secret that China and the region are a major priority for the Australian Open, and that we take our role as the Grand Slam of Asia-Pacific seriously."

"The Australian Open is the biggest sports and entertainment event in the world in January, and the world's best players and stunning tennis action attract the eyes of the world both in Melbourne and through our global broadcast."

Coming on the same day organizers also announced a record prize money pool of 60.5 million Australian (42.87 million U.S.) dollars, Luzhou Laojiao will now join the likes of Rolex and ANZ Bank as major sponsors of the tournament.

With over 750,000 visitors to the Australia Open this year as well as 1 billion broadcast viewers watching the action around the world, Luzhou Laojiao board chairman Liu Miao said, the partnership is "undoubtedly another historic milestone" in the internationalization journey of the company.

"In the future, we will work closely together with the Australian Open in promoting the sport of tennis, establishing sports charity programs, and building a stronger consumer base to activate this comprehensive, multi-dimensional and long-term collaborative partnership, as well as to enhance our communications with our global consumers," he said.