Positions haven’t been harmonized concerning the fastened 40 million per version to which Piquí’s firm had initially dedicated
The corporate Kosmos, created by the ex-player of Barcelona Gerar Piqu, now not manage the Davis cup after failing to achieve an settlement with the Worldwide Tennis Federation (ITF), as confirmed by this physique and has been verified by EFE from sources of the corporate itself.
Kosmos and the ITF have been unable to achieve an settlement to renegotiate a contract initially established for twenty-five years. The choice has been closing after the events did not harmonize their positions concerning the FEE (fastened) of 40 million per version to which Piqu’s firm had initially dedicated.
Kosmos has established an revolutionary format within the Davis Cup, with a single venue since 2019, and a closing part system. The primary two have been in Madrid and the final one, the latest, final November, in Malaga.
“The ITF can affirm that its settlement with Kosmos has ended. The ITF has ensured that monetary contingencies are in place and, as custodian of the competitors, will function the 2023 season qualifiers and finals as scheduled, and the Remaining 8 will happen in Malaga, Spain”, signifies the communiqué issued by the Worldwide Federation.
The ITF explains that it negotiated “a strong settlement for tennis in 2018. The affiliation elevated participation, money rewards and curiosity within the Davis Cup and produced funds to assist the worldwide improvement of our sport.”
“Along with specializing in delivering one other spectacular version of the lads’s tennis world cup, we concentrate on future progress of the most important annual worldwide crew competitors in sport”, concludes the assertion from the Worldwide Federation, which is able to assume duty for organizing the match already this yr.
Kosmos initially promised to prepare the Davis Cup for twenty-five years in trade for $3 billion. Nonetheless, the unfavorable pattern in recent times has modified the attitude and scenario of the settlement, Firm sources instructed EFE that they blamed the pandemic and the disaster for the makes an attempt to replace the dedication to take care of the settlement underneath extra applicable situations for the present scenario.
Piqu’s firm understood that the figures have been now off the market and that the canon acquired from the establishments doesn’t fulfill the funding.