Thursday, February 22, 2024
sports news / November 18, 2022

ATP Tour announces record prize money increase for 2023

The ATP, the governing body for men’s tennis, declared a historic boost in prize money for the 2023 season, reaching an unprecedented $217.9 million, marking a remarkable increase of $37.5 million. This augmentation encompasses both the ATP and Challenger Tours, with ATP Tour players collectively benefiting from an additional $18.6 million in on-site prize money, as stated by the ATP in a recent announcement. Earlier this year, the ATP had already revealed plans for a substantial increase in purses for the Challenger Tour.

The substantial rise extends to the ATP Challenger Tour, where on-site prize money is set to surge by 75%, soaring from $12.1 million to $21.1 million, according to the ATP. In a strategic move outlined in its One Vision plan, the ATP had previously disclosed that players and tournaments would share profits on a 50-50 basis starting in 2023, primarily aimed at boosting revenue from media and television rights.

Furthermore, the ATP highlighted a revised bonus pool structure introduced through the One Vision plan, projecting bonus pools of $21.3 million in 2023, representing a significant increase of $9.8 million compared to 2022. This enhanced bonus structure is designed to benefit an expanded group of top-performing players.

The ATP also disclosed changes to its flagship Masters 1000 tournaments in Madrid, Rome, and Shanghai, which will now span 12 days and feature larger draw sizes starting from 2023. Emphasizing their commitment to elevating the standards in tennis, ATP Chairman Andrea Gaudenzi stated, “Our players are world-class athletes, and it’s our priority to ensure they’re compensated accordingly.”

The international tennis season for 2023 is scheduled to kick off on December 29 with the inaugural edition of the United Cup. This new mixed-sex tournament, boasting a substantial $15 million prize pool, will showcase teams from 18 nations competing across three Australian cities.