There’s no shortage of money floating around professional tennis. The actual players, however, will tell you they’re not seeing much of it.
Driving the news: The U.S. Open kicks off this week, with a record high US$108 million in prize money up for grabs. The winners on both the men's and women’s side will take home $5.5 million, but the real cash (to many players dismay) will be made off the court.
The U.S. Open has taken flak for drastically raising prices (even from billionaire Bill Ackman, who can surely afford a day pass). With patrons paying $100 for chicken nuggets, this year’s tournament will likely make in the ballpark of $700 to $800 million.
One of the tourney’s biggest money makers, the Grey Goose Honey Deuce cocktail, brought in more than three times the winner’s prize money last year.
Why it matters: As tournaments like the U.S. Open continue to print money, the pressure is mounting to give players a bigger piece of the financial pie. Tennis players currently receive less than 15% of tournament revenue in prize money, a fraction of what other pro athletes get.
Across MLB, NFL, NHL, and NBA, players take home around 50% of league revenue. In their negotiations, tennis players have advocated for less than half of that (22%).
Players already threatened to sit out at the French Open earlier this year over the revenue share and suggested they will follow through on a boycott at a Grand Slam in the near future.
Bottom line: Few will shed tears for the winning players that take home over $5 million for two weeks of tennis, but the reality for most players is far less glamorous. 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.—LA
