Earlier this year, the International Tennis Federation (ITF) ended its partnership with Gerard Pique’s Kosmos Group regarding the Davis Cup.
Now, the firm is actively seeking up to $50 million in damages from the ITF.
Gerard Pique Kosmos Group seeking $50 million in damages from ITF
In a recent interview with Marca, Pique spoke out in defense of the decisions made during his tenure regarding the Davis Cup format.
One significant change was the introduction of neutral venues, which unfortunately resulted in a significant decrease in spectator attendance.
According to the former Barcelona superstar, he believes that the actions taken by him and Kosmos have resulted in a resounding “success story” for the Davis Cup.
He highlighted the significant increase in revenue generation and the attraction of numerous investors to the project.
Why Gerard Pique and Kosmos Group Are Seeking $50 million
Following the termination of their agreement, Kosmos Group and Gerard Pique have initiated legal action against the ITF, seeking $50 million in damages.
They base their claim on the fact that other tennis tournaments paid lower fees to the organizing boards, highlighting a discrepancy in treatment.
Pique, however, was unable to provide additional details regarding the matter due to confidentiality constraints.
“In 2020 there was no Davis Cup, for part of 2021 it was played behind closed doors… The fixed amount we were paying was out of the market. After the termination by the ITF there is now a dispute between us in which we are claiming up to $50 million.
“We can’t say more because of confidentiality restrictions. But I am very proud of everything we did. We turned the competition on its head and then came COVID, which was impossible to foresee.” Pique said.
How Pique described his Kosmos group’s time in charge of the Davis Cup
Gerard Pique, founder of the Kosmos group, considers their tenure in charge of the Davis Cup a “resounding success story.”
However, they are currently seeking up to $50 million from the International Tennis Federation (ITF) following a strained relationship.
In 2018, the Kosmos group signed a controversial $3 billion deal with the ITF to organize the team tournament for the next 25 years.
This decision faced criticism from traditionalists due to the tournament’s revamp, including the elimination of most home-and-away ties and the adoption of a World Cup-style format.
In January of this year, the ITF terminated the agreement with Kosmos, assuring that there was no immediate threat to the competition’s future.
However, no specific details were provided regarding the reason for this decision.
Pique, the former Spain and Barcelona defender, defended Kosmos’ stewardship of the Davis Cup, expressing pride in their accomplishments.
He also revealed the ongoing financial dispute between the two organizations.
