By Chris Oddo | @TheFanChild | Friday January 13, 2022
The ITF and Kosmos have terminated their 25-year, $3 billion deal after 5 years.
“The ITF can confirm that its partnership with Kosmos Tennis for Davis Cup is ending,” the federation stated in an announcement. “The ITF has ensured financial contingencies are in place and as the custodian of the competition we will operate the 2023 Qualifiers and Finals as scheduled, with the Final 8 taking place in Malaga, Spain, this November.”
Kosmos, the company based by footballer Gerard Pique, made vital adjustments to the format of the Davis Cup, and had additionally pledged additional cash for the event of the game on a world scale.
When experiences emerged on Friday that the 2 events severed ties because of the truth that Kosmos was unable to pay the eight groups that participated on this yr’s Davis Cup finals, the company launched an e-mail stating that it wasn’t the case.
Info L’Equipe : Kosmos n’aurait pas été en mesure de payer les joueurs des huit équipes présentes à Malaga en novembre dernier lors de la part à élimination directe de la Coupe Davis. C’est donc à l’ITF de s’en acquitter.https://t.co/IntvfgSaKT
— Quentin Moynet (@QuentinMoynet) January 13, 2023
“In response to ITF’s public statement yesterday, it appears that Kosmos and ITF were unable to reach an agreement to renegotiate the business model, as well as the current and future fee requested by the ITF,” the assertion learn. “This fee, which was significantly reduced during the pandemic, has varied over the years of collaboration and was recently raised again. Kosmos has paid in full the 2022 fee. Prize money shall be paid in due time when requirements from nations are met.
“Kosmos continues to be closely linked to the professional tennis world through Kosmos Management, which recently added tennis players Borna Ćorić, Elina Svitólina and Andréi Rublev to its roster of represented athletes.”
The causes for the cut up could also be up for debate, relying on which social gathering one asks, however the truth stays: The ITF is by itself with the floundering occasion, which has misplaced a few of its shine after a format change and the removing of dwelling and away ties within the later rounds in 2019.
The new format has been met with a lot criticism, however to be honest, the previous format was beneath hearth for a number of years because of the truth that it was unable to persistently appeal to the sports activities’ largest stars.