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Kosmos leaves Davis Cup

Madrid, 12 Jan. The Kosmos company, created by the former Barcelona player Gerar Piqué, will no longer organize the Davis Cup after failing to reach an agreement with the International Tennis Federation (ITF), as confirmed by this body and EFE has verified from company sources. .

Kosmos and the ITF have been unable to reach an agreement for the renegotiation of a contract initially established for twenty-five years. The decision was final after the parties failed to harmonize their positions regarding the FEE (fixed) of 40 million per edition to which Piqué’s company had initially committed.

Kosmos has established an innovative format in the Davis Cup, with a single venue since 2019, and a final phase system. The first two were in Madrid and the last one, the most recent, last November, in Malaga.

“The ITF can confirm that its agreement with Kosmos has ended. The ITF has ensured that financial contingencies are in place and, as custodian of the competition, will operate the 2023 season qualifiers and finals as scheduled, and the Final 8 will take place in Malaga, Spain”, indicates the statement issued by the International Federation.

The ITF explains that it negotiated “a strong deal for tennis in 2018. The association increased participation, prize money and interest in the Davis Cup and produced funds to support the global development of our sport.”

“In addition to focusing on offering another spectacular edition of the men’s tennis world cup, we are focused on the future growth of the largest annual international team competition in sport,” concludes the statement from the International Federation, which will assume responsibility for the organization of the tournament already this year.

Kosmos initially promised to organize the Davis Cup for twenty-five years in exchange for $3 billion. However, the negative trend in recent years has changed the perspective and situation of the agreement, sources from the company told EFE, which attributes the attempts to update the commitment to maintain the agreement under more favorable conditions to the pandemic and the crisis. appropriate to the current situation.

Piqué’s company understood that the figures were now out of the market and that the canon it receives from the institutions does not satisfy the investment.

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