ITF says finances in strong shape with 2022 revenue increase

itf-says-finances-in-strong-shape-with-2022-revenue-increase
ITF says finances in strong shape with 2022 revenue increase

The International Tennis Federation (ITF) announced on Wednesday that its revenues in 2022 exceeded pre-COVID levels, with a year-on-year increase of 47.6% to $98.3 million. The organization also stated that it maintained significant reserves of $40.2 million as of December 31, 2022, for financial sustainability and strategic projects and investments.

ITF President David Haggerty emphasized the financial strength of the organization, noting that a majority of its income was converted into a $85 million contribution to the global game in 2022, a 30.2% increase from the previous year. Haggerty expressed optimism for the future of tennis and highlighted the ITF’s ambitious vision for the sport, particularly in terms of gender parity and international development.

The ITF attributed its improved financial performance to the implementation of ‘ITF2024’, a long-term plan for sustainable growth introduced in 2016. Since the launch of this plan, the ITF’s reinvestment in tennis has grown by 95.4%, amounting to $41.5 million.

ITF CEO Kelly Fairweather highlighted the organization’s achievements in 2022, surpassing pre-pandemic revenues by more than 10% and reinvesting $85 million into tennis. This included $12 million spent on international development activities and $19 million invested in providing opportunities for players at all levels worldwide.

In its annual review, the ITF shared impressive figures from the 2022 World Tennis Tour, which featured 10,216 players participating in 1,059 tournaments across 65 countries. The total prize money for players reached a record $25 million.

Overall, the ITF’s financial performance has rebounded strongly, surpassing pre-COVID levels and allowing for significant reinvestment in the sport. The organization remains committed to supporting the global game and pursuing its ambitious vision for the future of tennis.

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Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

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