From Kosmos they keep that the ITF didn’t settle for to renegotiate the phrases of the contract
Kosmos, the corporate chaired by Gerard Piqu, needed to make clear the phrases of the separation this Friday, clarifying that it has complied with the fee of the agreed charges till 2022 with the Worldwide Tennis Federation (ITF) for the exploitation rights of the Davis Cup. . This fee, which dropped considerably throughout the pandemic, has fluctuated over time of collaboration and has not too long ago risen once more. Kosmos has absolutely paid the 2022 charge clarify the be aware.
On Thursday, the ITF assured that, though with out the participation of Kosmos, the event will happen as deliberate earlier than the break. The Davis Cup will thus start on February 3, with the qualifying rounds, that are performed in a format much like that of the stage earlier than the revolutionary change established by Piqu’s firm. The group part, with the nations that overcome these crossings, will likely be held in Valencia, like final 12 months, within the week of September 11. The Finals will likely be performed once more in Malaga, beginning on November 27. Valencia has already utilized to the ITF because the venue for the approaching years.
The disaster between Kosmos and the ITF erupted final summer season. In keeping with sources linked to the corporate, the settlement was unsustainable over time for Kosmos, which is why it proposed a change within the enterprise mannequin. The 40 million euros per 12 months had been renegotiated downwards after the pandemic, however subsequent 12 months they’d enhance to 44 million plus the rise within the CPI. After many discussions, there was no settlement because the ITF rejected the renegotiation.
bureaucratic formalities
Confronted with the knowledge referring to the non-payment of the groups collaborating within the 2022 Finals, Kosmos clarified in his assertion that the prizes will turn out to be efficient as soon as they full the due bureaucratic procedures.
Regardless of the elimination of Spain in opposition to Croatia within the quarterfinals performed final November on the Martín Carpena in Málaga, the revenue from the Finals responded to what was budgeted, for the reason that tickets for the semifinals and closing had been bought. Kosmos then reported the presence of 176,740 spectators all through the six days of competitors. Each sponsorships and tv rights additionally adjust to the beginning plans.
From Kosmos it’s thought-about that with out the excessive fee required by the ITF, the Davis Cup would have given advantages from the primary 12 months and level to the harm of the pandemic, which compelled the suspension of the 2020 version and which, based on these sources, will proceed to mark the financial way forward for the competitors.