ITF and Kosmos settle Davis Cup dispute
The company, owned by footballer Gerard Pique, was pursuing legal action against the termination of a deal with the ITF to fund the Davis Cup
The Davis Cup trophy in Malaga, Spain in 2023
Image Credit: Imago / Panoramic
The International Tennis Federation has settled its legal dispute with footballer Gerard Pique’s company, Kosmos, following the fall-out from the governing body’s decision to terminate a multi-billion dollar with the investment company in 2023.
Kosmos had signed a deal with the ITF to fund the Davis Cup for the next 25 years as part of a $3billion partnership back in 2018 in a bid to reignite the 100-year-old competition’s commercial appeal.
It involved sweeping changes to the tournament’s traditional, home-and-away format, replacing it with a group stage in September, followed by an eight-team ‘World Cup’ style round of fixtures across in November.
But the partnership was terminated by the ITF in 2023 when Kosmos sought to renegotiate a deal that had rapidly become financially unsustainable.
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, an amicable resolution has now been found, 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.”
