Twenty-times grand slam champion Roger Federer suffers a shock 3-6 6-3 7-6(4) defeat by Australian Thanasi Kokkinakis in the Miami Open second round on Saturday.
After reaching semi-finals in Rotterdam, the 36-year-old Swiss surpasses American Andre Agassi who was the previous oldest man to top the ATP rankings at the age of 33.
The contract covers the ATP World Tour Masters 1000 and Masters 500 events from around the world, including tournaments in Monte Carlo, Madrid, Paris, Miami, Indian Wells and Shanghai.
Winners of the men's and women's singles titles will each earn $3.7 million, while runners-up will pocket $1.82 million from the $50.4 million total pot.
For many of the fringe players on the tour, featuring in the first round of a Grand Slam allows them to pick up what could be their biggest pay cheque of the year.
Hobbled by a niggling knee injury, Wawrinka's Wimbledon hopes were shredded by Russian Daniil Medvedev.
Swiss champion and world number 3 Stan Wawrinka prove too strong for world number 1 Andy Murray. The high octane match ended 6-7(6) 6-3 5-7 7-6(3) 6-1.
World number one Andy Murray beat Kei Nishikori 2-6 6-1 7-6(0) setting up a tough semifinal against former French Open Champion Stan Wawrinka who beat Marin Cilic 6-3 6-3 6-1.
World number two and defending French Open champion Novak Djokovic was beaten by Dominic Thiem 7-6 (5), 6-3, 6-0, while Rafael Nadal cruised to victory after his opponent retired with an injury.
Both men's and women's singles defending champions Novak Djokovic & Garbine Muguruza are through to the next round of the French Open.
World number one Andy Murray's struggles on clay came back to haunt him as he just managed to beat Slovakian power-hitter Martin Klizan 6-7(3) 6-2 6-2 7-6(3).
Should Murray win the China Open, he would get 500 ranking points which will allow him to move 1,000 points closer to Djokovic.
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