"The players' lobby group embroiled in a lawsuit with tennis authorities is seeking $1bn in investment to fund a radical restructure of the professional game based around a new Pinnacle Tour that would offer more prize money for the top men and women despite playing fewer tournaments."
"In a direct challenge to the ATP and WTA tours, the Professional Tennis Players Association has developed a new blueprint for the sport, Future Tennis, that was sent to more than 20 investment banks and financial advisory firms on 20 January."
"As reported by the Guardian earlier this week, the terms of that settlement agreement will involve Tennis Australia cooperating with the PTPA against the other grand slam tournaments in the court case, including providing confidential financial information, in return for being removed from the claim and avoiding liability for potential damages that could reach tens of millions of pounds."
The Professional Tennis Players Association seeks $1bn to create a Pinnacle Tour that would concentrate events and increase prize money for top players while reducing tournament numbers. The PTPA circulated a blueprint called Future Tennis to more than 20 investment banks and advisory firms. The players' group is suing the ATP, WTA and three grand slam tournaments in New York District Court. Tennis Australia reached a settlement that removed it from the claim in exchange for cooperation and confidential financial information. The settlement and new proposal have intensified tensions and raised fears of a major split in the sport. The PTPA represents over 600 professionals.
Read at www.theguardian.com
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