The initiative has seen the Association of Tennis Professionals (ATP), the Women's Tennis Association (WTA), the International Tennis Federation (ITF) and the four Grand Slams of the Australian Open, the French Open, Wimbledon and the US Open, all contribute to the fund.

Due to the pandemic, which has now resulted in more than 3.74 million confirmed cases and the deaths of more than 258,000 people worldwide, tennis has been suspended until July 13.

The ATP and the WTA will administer the distribution of finances to players, which will see respective contributions split equally for men and women.

In total there are approximately 800 ATP and WTA singles and doubles players who will require financial support from the Player Relief Programme.

Eligibility for the fund will take into account a player's ranking as well as previous prize money earnings.

"The move by the seven stakeholders provides the financial backbone of the programme, with opportunities for additional contributions to follow," the ITF said.

"Funds raised through initiatives such as auctions, player donations, virtual tennis games and more will provide opportunity for further support of the programme moving forward and are welcomed.

"The creation of the Player Relief Programme is a positive demonstration of the sport's ability to come together during this time of crisis. 

"We will continue to collaborate and monitor the support required across tennis with the aim of ensuring the long-term health of the sport in the midst of this unprecedented challenge to our way of life, and our thoughts remain with all those affected at this time."