After their multi-billion dollar agreement to organize the Davis Cup abruptly ended in 2023, the International Tennis Federation and Gerard Pique’s investment company reached a settlement.
In an effort to modernize the men’s national team tournament, Kosmos, a former Barcelona defender, and the ITF announced a 25-year, $ 2.25 billion partnership in 2018.
The ITF stated at the time of the agreement that it would safeguard the legendary Davis Cup and contribute an additional $25 million annually to the sport’s development abroad.
The format of the 123-year-old tournament was changed to an end-of-season “World Cup-style” event as a result of the partnership with the 2010 World Cup winner’s company, which was controversial among players.
The partnership was terminated in 2023 when Kosmos attempted to renegotiate it, and the ITF claimed that the competition, which started in 1900, had “ensured financial contingencies in place.”
The ITF was then accused of an “unjustified termination” of the contract and filed a lawsuit with Kosmos, claiming damages.
However, a compromise has been reached, according to the ITF, who stated that “Kosmos and the ITF have reached an amicable resolution regarding their previous contractual disagreements involving the Davis Cup’s organization.”
Both organizations wish each other the best of luck with their upcoming projects.
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Source: BBC
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