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The company Kosmos Tennis, chaired by ex-soccer player Gerard Piqué, ended the contract with the Davis Cup after failing to reach an agreement with the International Tennis Federation (ITF) to reduce the amount to be paid from 40 million per edition to continue in command of the competition.
After five years of relationship, Kosmos’s intention was to renegotiate downward, since business expectations were not being met, but the ITF did not want to do so and the commitment was to invest some 3,000 million over 25 years, but in All the billing of the event was impossible to leave a certain profit margin for reinvestment in the product.
However, the ITF did agree to renegotiate the money to be collected during the pandemic, so that the 40.3 million it received in 2019 was reduced to only 10.2 million in 2020, for the 19.7 million it was paid in 2021.
In 2022, the annual price stipulated in the contract signed at the time was recovered. This year 32 million euros have been paid, which in 2023 amounted to 36 million and in 2024 to 44 million euros.
deportes@eleconomista.mx
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