ITF ends Davis Cup partnership with Pique’s Kosmos investment group

(Reuters) – The International Tennis Federation (ITF) said on Wednesday it would end its Davis Cup partnership with Cosmos, the investment group of Gerard Pique, after just five years from a 25-year, $3 billion deal. .

In 2018, the ITF announced a deal with former Barcelona footballer Pique’s investment group. The investment group had committed to invest $120 million annually.

The ITF said at the time that the package to revamp the Davis Cup competition would protect the sport’s future because it would “provide long-term benefits for players, countries, fans, sponsors and broadcasters”.

But less than five years later, the deal, supported by Wimbledon, French Open and U.S. Open officials, was terminated.

“The ITF can confirm that its partnership with Cosmos Tennis for the Davis Cup will come to an end after its fifth year,” the ITF said in a statement.

“The ITF negotiated a strong deal around tennis in 2018. The partnership has increased participation, prize money and interest in the Davis Cup and generated funds to support the global development of the sport.”

Cosmos was not available for comment when contacted by Reuters.

An agreement with Cosmos led to a revamp of the men’s team sport created in 1900.

The usual home and away ties that took place over several weekends throughout the year have been scrapped.

That format was replaced in 2019 with a single home-and-away round, after which 18 teams competed in one city over a week to culminate in the season.

Despite the termination of his contract with Cosmos, the governing body of tennis added: Malaga, Spain, November of this year.

“As well as being focused on delivering a spectacular edition of the men’s World Cup of tennis, we are also focused on the future growth of the sport’s largest annual international team competition.”

After the 2020 event was postponed due to the COVID-19 pandemic, the 2021 finale was held over 11 days in three cities: Madrid, Turin and Innsbruck.

The format was tweaked again last September when the teams competed in the group stage and the top eight teams advanced to the finals.

Reporting by Pritha Sarkar, additional reporting by Tommy Lund of Gdansk, editing by Ed Osmond

Our Standards: Thomson Reuters Trust Principles.

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