The governing body of men’s tennis has announced a significant increase in prize money on offer at their tournaments next year.
In a statement issued on Thursday, the ATP has published details surrounding a record $217.9 player compensation package that has been created for the new season. The figure is a year-on-year increase of $37.5M which is the biggest jump in ATP history.
The majority of the increase surrounds the prize money pool which will go up by $18.6M. From next season three Masters 1000 events (Madrid, Rome and Shanghai) have been expanded to 12-day events with a further two events expected to do the same in 2025. The idea behind the expansion is to provide more players with opportunities to play top-level tennis and maximize their earning potential.
On the lower-level Challenger Tour, there will be a 75% increase in prize money offerings from $12.1M to $21.1M. Furthermore, the bonus pool which recognizes the best 30 performing players on the Tour will get an 85% increase to $21.3M.
“Our players are world-class athletes and it’s our priority to ensure they’re compensated accordingly. These record increases in 2023 are a strong statement for the ATP Tour and highlights our commitment to raising the bar in tennis. It also speaks to the collective progress we’ve been able to make as a sport under the OneVision strategic plan. There is immense potential for growth in our sport when we work together.” ATP CEO Andrea Gaudenzi said in a press release.
Under the ATP’s OneVision plan, tournaments and players will share profits 50-50. The plan aims to increase revenue from media and TV rights.
The exact breakdown of prize money on offer varies at each tournament and the confirmed amounts will be published shortly before it begins.
These increases don’t include Grand Slams which set their own prize money pools. The four major events are the highest-paying events players can participate in which offer ranking points. At this year’s US Open champions each earned $2.6M.
The 2023 ATP Tour will begin on December 29th with the inaugural United Cup which is a mixed competition taking place across three cities in Australia.
