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The US Open is all set to kick off after all the hiccups. This is solely due to the hard work being put in by the support staff.
In fact, it is not a financially feasible model. No fans would mean a severe lack of revenue. However, for the interest of tennis, a tournament is much needed.
Rest assured, the safety standards will also be maintained. The CEO and executive director of the United States Tennis Association (U.S.T.A), has confirmed that the organization will be running on losses. They are willing to take the risk despite that.
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What did the US Open top official say?
Mike Dowse was pretty happy that they are giving fans what they want. However, he warned of the dangers of such a model.
“I’ll start with the sponsors. I’m very appreciative of our sponsors. We’ve had weekly town halls with them as we’ve gone through this journey. They’re fully committed to supporting our efforts here.”
“As far as the financials, I will tell you our net operating income looks to be down about 80% this year. That really talks about our commitment to the sport of tennis and the professional players. As I mentioned earlier, we’re committing to 91% of the prize money when our net operating income is going to be down 80%.”
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“We’ve have the financial wherewithal over the years with reserves that we can do that this year. It’s not a model that can continue. I go back to our guiding principles: is the safe for the players to play and everyone involved, yes. Is it in the best interest of tennis, which is key, yes. Financially does it make sense. Through our strong balance sheet, we’ve been able to support it this year and cover that significant gap we’re going to have in overall revenue and net operating income.”
“It’s the right decision to make for tennis. Again, we’re looking forward to it.”
That’s some thoughtful decision making by the US Open. Tennis requires that a tournament be held. The fact that the prize money is not being affected much is also a brilliant initiative by the tournament.