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The International Tennis Federation has settled its dispute with Gerard Pique’s investment company after their multi-billion dollar deal to organise the Davis Cup ended abruptly in 2023.
Kosmos, founded by the former Barcelona defender, and the ITF announced a 25-year, $3bn (£2.25bn) partnership in 2018 in a bid to revamp the men’s national team tournament.
The ITF said at the time of the deal that it would safeguard the historic Davis Cup and provide an extra $25m a year for the global development of the sport.
The partnership with the 2010 World Cup winner’s company also saw the format of the 123-year-old tournament change to an end-of-season ‘World Cup-style’ event, a change that proved controversial among players.
But the partnership was terminated in 2023 when Kosmos sought to renegotiate the deal, with the ITF saying it had “ensured financial contingencies are in place” for the competition which began in 1900.
Kosmos then filed a lawsuit at the Court of Arbitration for Sport accusing the ITF of an ‘unjustified termination’ of the contract and claiming damages.
However, resolution has been achieved, with the ITF stating: “Kosmos and the ITF have reached an amicable resolution regarding their previous contractual disagreements related to the organisation of the Davis Cup.
“Both organisations wish each other success in their future projects.”
BBC News
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