The International Tennis Federation (ITF) governing body has released its financial results for the 2023 calendar year, underlined by a total revenue of $102.6 million.
Revenue increased year-on-year (YoY) by 22% ($18.8 million) on 2022’s $83.7 million total, in spite of the ITF’s legal hiccoughs across the year, although the body still made a loss of $4 million.
2023 saw the ITF terminate its 25-year partnership with investment group Kosmos over the Davis Cup only five years in, retaking management of the beleaguered international competition after the collapse of its Kosmos deal.
In 2022 the body received $32.3 million from the Davis Cup’s license fee, and with the license terminated in January 2023, income taken in lieu of this amounted to $25.3 million in 2023 (effectively what it was able to recoup from Kosmos’ security deposit).
Furthermore, the financials of the Billie Jean King (BJK) Cup, accounted for in 2022, were filed separately in 2023 due to the establishment of a new joint venture established with TWG Global.
Despite these struggles, a major deficit was averted thanks to a strong YoY growth in sponsorship sales, from $7.9 million up to $30.6 million, as well as a almost tripling media rights income ($2.6 million to $6.7 million), and more than doubling event income ($5.2 million to $10.7 million).
The Davis Cup boasts sponsors such as watch brand Rolex, blockchain fan engagement platform Socios, and car brand Lexus, while clothing chain Uniqlo and bank BNP Paribas are among the high-profile partners of the ITF’s Wheelchair Tennis Tour, Wheelchair Masters, and World Team Cup.
