The International Tennis Federation announced on Thursday that it was ending its Davis Cup partnership with Gerard Pique’s investment group Kosmos just five years into a 25-year, $3 billion agreement.
In 2018, the ITF had unveiled the deal with former Barcelona soccer player Pique’s investment group, which had promised to invest $120 million per year, amid much fanfare.
The ITF had said at the time that the package to revamp the Davis Cup competition would safeguard the future of the sport as it would “deliver long-term benefits for players, nations, fans, sponsors and broadcasters”.
However, less than five years later the deal — which also had the backing of Wimbledon, French and US Open officials — has ended.
“The ITF can confirm that its partnership with Kosmos Tennis for Davis Cup is ending in its fifth year,” the ITF said in a statement.
“The ITF negotiated a strong deal for tennis in 2018. The partnership increased participation, prize money and interest in Davis Cup and produced funding to support the global development of our sport.”
Kosmos could not be reached for comment when contacted by Reuters.