The International Tennis Federation announced on Thursday that it was ending its Davis Cup partnership with Gerard Pique’s investment group Kosmos, just five years after a 25-year, $3 billion deal.
In 2018, the ITF revealed the agreement with the former Barcelona footballer prickwhich had promised to invest 120 million dollars a year, with great fanfare.
The ITF said at the time that the Davis Cup competition overhaul program would safeguard the sport’s future as it “would deliver long-term benefits to players, nations, fans, sponsors and broadcasters. “.
However, less than five years later, the deal – which also had the backing of Wimbledon, France and US Open officials – came to an end.
“The ITF can confirm that its partnership with Kosmos Tennis for the Davis Cup ends in its fifth year,” the ITF said in a statement.
“The ITF brokered a strong deal for tennis in 2018. The partnership has increased participation, prize money and interest in the Davis Cup and produced funds to support the global development of our sport.”
Kosmos could not be reached for comment when contacted by Reuters.
The agreement with Kosmos had led to the revamping of the men’s team competition, founded in 1900.
The usual home and away matches played on a few weekends during the year have been scrapped.
This format was replaced in 2019 with a single home and away game which was attended by 18 teams competing in one city for a season-climaxing week.
Despite the termination of the agreement with Kosmos, the tennis governing body added: “The ITF have ensured that the financial contingencies are in place and as guardians of the competition we will organize the qualifiers and the finals. 2023 as planned, with Final 8 taking place in Malaga, Spain in November.
“As well as focusing on delivering another spectacular edition of the men’s competition tennis world cupwe are focused on the future growth of the largest annual international team competition in sport.”
After the postponement of the 2020 edition due to the COVID-19 pandemic, the 2021 final took place over 11 days in three cities: Madrid, Turin and Innsbruck.
The format was changed again last year, when teams played a group stage in September, with the top eight advancing to the final.
In 2018, the ITF revealed the agreement with the former Barcelona footballer prickwhich had promised to invest 120 million dollars a year, with great fanfare.
The ITF said at the time that the Davis Cup competition overhaul program would safeguard the sport’s future as it “would deliver long-term benefits to players, nations, fans, sponsors and broadcasters. “.
However, less than five years later, the deal – which also had the backing of Wimbledon, France and US Open officials – came to an end.
“The ITF can confirm that its partnership with Kosmos Tennis for the Davis Cup ends in its fifth year,” the ITF said in a statement.
“The ITF brokered a strong deal for tennis in 2018. The partnership has increased participation, prize money and interest in the Davis Cup and produced funds to support the global development of our sport.”
Kosmos could not be reached for comment when contacted by Reuters.
The agreement with Kosmos had led to the revamping of the men’s team competition, founded in 1900.
The usual home and away matches played on a few weekends during the year have been scrapped.
This format was replaced in 2019 with a single home and away game which was attended by 18 teams competing in one city for a season-climaxing week.
Despite the termination of the agreement with Kosmos, the tennis governing body added: “The ITF have ensured that the financial contingencies are in place and as guardians of the competition we will organize the qualifiers and the finals. 2023 as planned, with Final 8 taking place in Malaga, Spain in November.
“As well as focusing on delivering another spectacular edition of the men’s competition tennis world cupwe are focused on the future growth of the largest annual international team competition in sport.”
After the postponement of the 2020 edition due to the COVID-19 pandemic, the 2021 final took place over 11 days in three cities: Madrid, Turin and Innsbruck.
The format was changed again last year, when teams played a group stage in September, with the top eight advancing to the final.
