Gerard Pique’s Kosmos: Could not renegotiate Davis Cup business model with ITF
The HinduGerard Pique’s Kosmos Tennis said on Friday that the International Tennis Federation’s decision to end its Davis Cup partnership with the private investment group followed an unsuccessful attempt to renegotiate the business model. That figure meant Kosmos promised to invest $120 million per year, which was “significantly reduced” during the COVID pandemic and varied in subsequent years, before being raised again recently, a company spokesperson told Reuters. “In response to the ITF’s public statement yesterday, it appears that Kosmos Tennis and the 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 Kosmos spokesperson added. Prize money shall be paid in due time when requirements from nations are met.” The ITF, the sport’s governing body, said it had financial contingencies in place and would operate the 2023 Davis Cup qualifiers and finals as scheduled, with the Final 8 taking place in Malaga, Spain, in November.
History of this topic
Pique’s Kosmos seek $50m damages for cancelled Davis Cup deal
The HinduNo plans to change Davis Cup format, eyeing like-minded sponsors: ITF chief Haggerty
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Pique owned Kosmos group sues ITF over Davis Cup partnership
The Hindu
ITF ends Davis Cup partnership with Pique’s Kosmos group
The Hindu
ITF ends Davis Cup partnership with Piqué's Kosmos group
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