Gerard Piqué’s company terminates the agreement with the team competition due to economic differences
Pique’s Davis Cup is already a thing of the past. The former footballer’s company has severed its relationship with the International Tennis Federation (ITF) over economic disagreements. According to the publication ‘2Playbook’ and later confirmed by the ITF, the two sides did not reach an agreement to renegotiate the economic deal signed in 2018, which would see Kosmos put 3,000 million into the league over 25 years.
The amount per edition was 40 million, a figure that Kosmos tried to reduce, referring to the small economic success generated by the tournament. The ITF refused to do so and Kosmos has decided to withdraw from the operation.
“The ITF can confirm that the relationship with Kosmos has ended,” the federation said in a statement, announcing that the 2023 edition has been secured and will proceed as planned with no impact.
“The ITF has ensured that there are financial contingencies and that the 2023 edition will proceed as planned. The ITF negotiated a strong agreement in 2018 that increased participation and prize money and helped the development of our sport,” the ITF added.
Kosmos arrived at the Davis Cup in 2018 with the goal of updating the format of the oldest team competition in the world. The first edition took place in 2019, entirely in the Caja Mágica, while the second, which was also to be played in the Spanish capital, had to be canceled due to the covid pandemic.
For the competition’s return in 2021, Davis was expanded and was held at three venues, Innbruck, Turin and Madrid, while for 2022 it was expanded to Hamburg, Bologna, Glasgow and Valencia and new changes to the format were introduced, such as the dispute of the group stage in September and the final stage, in Malaga, in November.
This year’s edition was influenced by the decision to hold it on the same dates as the World Cup.
Source: La Verdad
I am Shawn Partain, a journalist and content creator working for the Today Times Live. I specialize in sports journalism, writing articles that cover major sporting events and news stories. With a passion for storytelling and an eye for detail, I strive to be accurate and insightful in my work.
