A Chinese investment group has offered to pay up to $50M annually for commercial rights to the ATP Tour's planned World Team Cup, which would feature up to 24 national teams playing over a week, sources said, according to Daniel Kaplan of SPORTSBUSINESS JOURNAL. The event would "more than double the top prize money" on the tour, paying the equivalent of a Grand Slam, or around $20M. The offer from CMC Capital Partners "could be a financial bonanza for the ATP," with one source saying that the proposal is for "as many as 20 years," which would make it worth around $1B. However, "not all factions within the ever-fractious ATP are on board." Representatives for the nine largest tournaments, the Masters 1000s, have been blocking the proposal because the new event would join their group and offer the same number of ranking points, "thereby diluting shared revenue and increasing strains" on the players. The Australian Open "is worried" because tentative plans are to schedule the World Team Cup in early January, before the first Grand Slam of the year, when the event organizes a series of tournaments. The ATP declined to comment. CMC could not be reached for comment. Asked how long CMC will wait "until the ATP sorts out its political issues," one source said that he is surprised it has waited so long because the offer has been on the table for a "significant period of time" (SPORTSBUSINESS JOURNAL, 8/14 issue).
