The International Tennis Federation (ITF) declared on Thursday that it was abruptly ending its extremely profitable 25-year partnership with former Spanish soccer star Gerard Pique’s funding group, Kosmos, after simply 5 years of the $3 billion settlement.
In 2018, the ITF unveiled the take care of former Barcelona soccer participant Pique’s funding group, which had promised to speculate $120 million per 12 months, amid a lot fanfare.
The ITF had stated on the time that the bundle to revamp the Davis Cup competitors would safeguard the way forward for the game as it could “deliver long-term benefits for players, nations, fans, sponsors and broadcasters”.
However, lower than 5 years later the deal – which additionally had the backing of Wimbledon, French and U.S. Open officers – has ended.
“The ITF can confirm that its partnership with Kosmos Tennis for Davis Cup is ending in its fifth year,” the ITF stated in a press release.
“The ITF negotiated a strong deal for tennis in 2018. The partnership increased participation, prize money and interest in Davis Cup and produced funding to support the global development of our sport.”
Kosmos couldn’t be reached for remark when contacted.
The settlement with Kosmos led to the revamp of the lads’s group competitors, which was based in 1900.
The regular home-and-away ties performed over a number of weekends through the 12 months have been scrapped.
That format was changed in 2019 with only one home-and-away spherical of ties that was adopted by 18 groups competing in a single metropolis for a week-long climax to the season.
Despite the take care of Kosmos being terminated, the governing physique of tennis added: “The ITF has ensured monetary contingencies are in place and because the custodian of the competitors we’ll function the 2023 Qualifiers and Finals as scheduled, with the Final 8 going down in Malaga, Spain, this November.
“As well as being focused on delivering another spectacular edition of the men’s World Cup of Tennis, we are focused on the future growth of the largest annual international team competition in sport.”
After the 2020 version was postponed due to the COVID-19 pandemic, the 2021 finale was held throughout 11 days in three cities – Madrid, Turin and Innsbruck.
The format was tweaked once more final 12 months when groups competed in a bunch stage in September, with the highest eight advancing to the finals.
