Nov. 9 (Bloomberg) -- World TeamTennis, the professional league co-founded by Billie Jean King, may need a new lead sponsor after credit-card lender Advanta Corp. filed for bankruptcy.

The league that features co-ed teams including the Boston Lobsters and New York Buzz has a $14.8 million contract through 2014 with Spring House, Pennsylvania-based Advanta, which sought court protection from creditors late yesterday. The Dec. 19 agreement with New York-based World TeamTennis may be terminated after a bankruptcy filing, according to the contract filed with the lender’s 2008 annual report.

Termination could leave the tennis group competing for backers with other sports leagues as they try to replace sponsors lost to the recession. The Ladies Professional Golf Association reduced its schedule this year after sponsors pulled out. Advanta and the tennis league also sponsor the All-Star Smash Hits charity event with the Elton John AIDS Foundation.

World TeamTennis Chief Executive Officer and Commissioner Ilana Kloss declined to comment. Elton John’s foundation did not immediately return an e-mail. Advanta has been “a model partner,” Kloss said in a July interview. “We’re obviously hoping they can weather the storm and come out of this.”

The 2009 World TeamTennis season ran from July 2 to July 26 in 10 U.S. markets. Participants have included Andre Agassi, Venus Williams, Serena Williams, Martina Navratilova, Pete Sampras, Anna Kournikova and John McEnroe, according to the league’s Web site.

King founded the league in 1974, a year after she defeated former Wimbledon men’s singles champion Bobby Riggs in three straight sets in the “Battle of the Sexes.” Each team is made up of two men, two women and a coach.

Team matches consist of five sets, with one set each of men’s and women’s singles, and men’s, women’s and mixed doubles. The Washington Kastles captured the 2009 title, defeating the Springfield Lasers 23-20.

To contact the reporter on this story: Peter Eichenbaum in New York at peichenbaum@bloomberg.net

Last Updated: November 9, 2009 12:50 EST