While reigning Wimbledon champ Carlos Alcaraz raked in US$42 million last year, many of his peers wondered if they could afford to pay their coaches.
Driving the news: This weekend, Wimbledon’s two singles champions will take home a record-high $3.45 million in prize money each. Despite the two winners' big paydays, most players are still struggling to earn a living.
- The financial gap has sparked a flurry of efforts to correct the sport’s course, including a new minimum wage that kicks in this year, investments from private equity groups to boost marketing, and a players' association focused primarily on pay equity.
Catch-up: Tennis players see a smaller share of the revenue from playing than almost any other major sport. About 80% of the top 1,000 players in the world don’t make enough to cover their expenses, including travel, coaches, physio, and other costs of touring.
- As a result, the median salary for men’s pro tennis falls at around $22,000, with lower-ranking players making as little as $4,200 a year.
Why it matters: Speaking at this year's Wimbledon, tennis legend Novak Djokovic said that without a better structure to get players paid, the sport will start to miss out on future stars who simply can’t afford to fund their careers.—LA