London | ITF revenues boosted

The ITF has announced its 2022 financial results, reporting that it increased revenues by 47.6% year-on-year to $98.3 million [2021: $66.6 million], exceeding pre-Covid revenues by 10.8% [2019: $88.7 million].

The ITF’s mission is about delivering tennis for future generations and ensuring the sport thrives in all corners of the world... 2022 produced many highlights as we bounced back from the pandemic, with Davis Cup and Billie Jean King Cup enjoying record participation and prize money through to our Junior Tennis Initiative reaching 18 percent more young people. We detail all aspects of the ITF’s activities in our Annual Review. David Haggerty, President, ITF

The world governing body of tennis was able to convert the majority of this income into $85.0 million of contribution to the global game last year, up by 30.2% from $65.3million in Covid-impacted 2021.

The ITF’s mission is to deliver tennis for future generations and this includes reinvesting significantly in the sport around the world.

Spending $12.0 million on international tennis development, the ITF marked a substantial 44.9% increase from the previous year [2021: $8.3 million], and this increased funding support for the work of the ITF’s member nations in increasing participation and developing talent from the grassroots up.

The ITF increased post-tax profits from its operating activities by $13.9 million to $5.6 million in 2022 from a pandemic-impacted deficit of $8.3 million in 2021.

The ITF Board chose to invest $3.0 million after tax into strategic projects (including the World Tennis Number and Balanced Calendar Project) and its investment portfolio produced a negative $5.0 million return in 2022, reflecting global financial market performance.

The ITF maintains significant reserves as part of underpinning its financial sustainability and for use on strategic projects and investments where necessary, which, as of 31st December 2022, totalled $40.2 million.

David Haggerty, an IOC member, is facing a challenge to his 8-year Presidency from Dietloff von Arnim, a German official, with the vote scheduled for 24 September in Mexico.

“The ITF’s finances are robust,” said ITF President David Haggerty, an International Olympic Committee member who is facing a challenge to his 8-year Presidency from Dietloff von Arnim, a German tennis official, with the vote scheduled for 24 September in Mexico.

“We maintain significant reserves and we have a strong pipeline of commercial developments that will help support the game globally. Now it’s about the future and we have an ambitious vision for the game we love.

“I’m excited by what’s in front for tennis, especially as a sport that benefits so much from a real commitment to gender parity and international development.”

The organisation, though, also reported a total comprehensive loss for the year of $4.2 million (£3.3 million/€3.8 million), down from $7.9 million (£6.15 million/€7.1 million), partly because of a $4.7 million (£3.7 million/€4.2 million) negative return from its investment portfolio.

Also disclosed in the annual accounts is that the ITF was awarded $20 million (£15.6 million/€18 million) in the wake of cancellation of its agreement with Budapest to host the 2021 Billie Jean King Cup finals, which contributed to the sharp increase in the body’s annual revenues to above pre-COVID levels.

Because of COVID, the competition ended up being held over two years, with the finals eventually taking place in November 2021 in Prague.

The ITF said a year ago that the pandemic had cost it more than $75 million (£58.4 million/€67.4 million) in lost revenues over two years.

The organisation has also had to recalibrate arrangements for its men’s team competition, the Davis Cup, following the ending of a long-term partnership with Kosmos Tennis earlier this year that had been set to run for 25 years.

According to René Stammbach, chairman of the ITF’s Finance and Audit Committee, a sum of $25.4 million (£19.8 million/€22.8 million), held in lieu of guarantees from Kosmos, as security against default or termination, has now been transferred from restricted cash to cash at bank and in hand.

In March, the ITF named a Barcelona-based sports agency called Tennium as event delivery partner for this year’s Davis Cup Finals matches in Spain.

Tennium also delivered last week’s Hopman Cup in Nice for the ITF.

Development of the game is at the heart of there ITF's activities

Professional tennis has absorbed more than $61 million (£47.5 million/€54.8 million) of expenses, with some $12 million (£9.3 million/€10.8 million) spent on development.

The ITF says the introduction of ‘ITF2024’, its long-term plan for sustainable growth announced in mid-2016, has driven a significant upturn in its financial performance, adding that its reinvestment in tennis has grown by 95.4% or $41.5 million since ‘ITF2024’ was launched.

“In 2022 we surpassed our pre-pandemic revenues by more than 10% and this helped us to reinvest $85 million into tennis,” ITF CEO Kelly Fairweather said.

Fairweather added that it included spending $12 million on international development activities to further the game as well as investing $19 million in providing opportunities for people to compete at all levels around the world.

As part of its annual review, the ITF states that its 2022 World Tennis Tour showed impressive figures with 10,216 players participating in 1,059 tournaments, split across the men’s and women’s game (526 and 533 events) and held in 65 countries.

Players competed for a record $25 million in total prize money last year, the ITF added.

“The ITF’s mission is about delivering tennis for future generations and ensuring the sport thrives in all corners of the world,” Haggerty added. “That’s the unique and important role the ITF plays and over the last year we’ve supported the global game from the playground to the podium.

“2022 produced many highlights as we bounced back from the pandemic, with Davis Cup and Billie Jean King Cup enjoying record participation and prize money through to our Junior Tennis Initiative reaching 18 percent more young people. We detail all aspects of the ITF’s activities in our Annual Review.

“Everything is guided by our ITF2024 strategy for sustainable growth, and I’m delighted it’s had such an impact. The ITF is now able to contribute nearly twice the funding for the global game than before we introduced the strategy in mid-2016.

“The ITF Board will continue to make decisions on where investment is needed, from our sport’s grassroots to its highest levels.”

Kelly Fairweather is the ITF CEO

Fairweather said: “At the heart of the ITF’s mission to grow tennis around the world is our belief that tennis is everyone’s game. Within our ITF2024 strategy, we are working to ensure tennis welcomes all, regardless of age, gender, playing standard, physical ability or geography.

“Few sports are as truly global as tennis and this really helps our efforts to ensure it thrives in the future. It is highly visible at the elite level, with the top tier of the game – the Grand Slam tournaments, ATP and WTA tours, Davis Cup and Billie Jean King Cup by Gainbridge – providing ample inspiration and role models for fans and aspiring players of all abilities, as does the four-yearly spectacle of the Olympic and Paralympic Games.

“We are committed to using this global platform to grow the game, both through the staging of major events and our reinvestment activities.

“In 2022 we surpassed our pre-pandemic revenues by more than 10 percent and this helped us to reinvest $85 million into tennis.

“This included spending $12 million on international development activities to further the game and investing $19 million in providing opportunities for people to compete at all levels around the world, which is a key part of the role of the ITF.”

The ITF headquarters is at Bank Lane, Roehampton in London