The Professional Squash Association is welcoming the return of the British Open to the sport's international calendar.

England Squash & Racketball have announced that Egyptian-born East Yorkshire-based entrepreneur Dr Assem Allam is the new Title Partner for the Allam British Open Squash Championships, which will take place at the O2 Arena in London in May 2012.

With a history stretching back to 1922, the British Open is widely regarded as one of the most prestigious events in squash, with title-holders including the sport's greats such as Hashim Khan, Geoff Hunt, Jonah Barrington, Jansher Khan and the record ten-time champion Jahangir Khan.

England's world number one Nick Matthew is the current title-holder after winning his second title at the 2009 championship in Manchester.

The three-year agreement cements Dr Allam's growing commitment to sport following his recent much-publicised purchase of Hull City Football Club. The event will be staged in London in 2012 while Dr Allam furthers his plans to build a multi-million pound sports complex in Hull. The complex will feature a world class squash centre which is intended to host the Allam British Open in 2013 and 2014.

"I am delighted our company is able to back one of the world's most important and best known championships of its kind," said Dr Allam. "We look forward to welcoming the British Open to Hull, East Yorkshire, where it will be a flagship event at the Sports Village - bringing many people to the region."

PSA CEO Alex Gough added: "Our members will be delighted that this great event is back on the calendar. The British Open has long been one of the most prized titles in the sport - and its return, particularly to the England capital and as part of our new PSA World Series, is a major boost to the Tour," added the former world No5 who competed in the event 11 times between 1996 and 2008.

Nick Matthew, from Sheffield, said: "It's fantastic to see Dr Allam's enthusiasm for the sport demonstrated in this way. The British Open is a national treasure and his backing will ensure that it maintains its position as the world's most prestigious squash tournament and brings the best players to compete in the UK."

Pakistan's Jahangir Khan, undefeated in ten successive British Open championships from 1982, added, "It is fantastic to see the British Open - the most prestigious squash event in the world - coming back to the PSA calendar and taking its rightful place at the heart of our sport. Every squash player in the world dreams of taking part in these wonderful championships."

Nick Rider, Chief Executive of England Squash & Racketball, said: "Dr Allam's support for squash is unequalled and we look forward to delivering an event that will reward his vision and reflect spectacularly on his brand. His intervention at this time has secured the future of one of the most important events in the World Series and will be applauded by players and by squash fans world-wide."

The Allam British Open is expected to reach out to more than 25 million people in 172 countries and will touch almost every community in the UK, interacting with fans at all levels of the game across the globe.

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