Latest news with #profit-sharing
Washington Post
5 days ago
- Business
- Washington Post
ATP men's tennis tour says its profit-sharing plan is adding $18 million in prizes for 2024
LONDON — An extra $18.3 million in prize money will be paid by the ATP men's tennis tour to players based on their performances at last year's nine Masters 1000 tournaments under a profit-sharing plan introduced in 2022. The ATP said Thursday that amount is an increase from the $6.6 million profit-sharing bonus from Masters events in 2023.
Yahoo
5 days ago
- Business
- Yahoo
ATP men's tennis tour says its profit-sharing plan is adding $18 million in prizes for 2024
LONDON (AP) — An extra $18.3 million in prize money will be paid by the ATP men's tennis tour to players based on their performances at last year's nine Masters 1000 tournaments under a profit-sharing plan introduced in 2022. The ATP said Thursday that amount is an increase from the $6.6 million profit-sharing bonus from Masters events in 2023. By adding in the profit-sharing amount, overall compensation for ATP players in 2024 rises to a record $261 million, the ATP said. The expanded Masters tour stops — with men and women playing at the same event, larger draws and lengthier tournament schedules — have drawn criticism from players for being too long. The backdrop to all of this is demands from some athletes for more money and more say in the sport. The Professional Tennis Players' Association, a group co-founded by Novak Djokovic, filed a class-action antitrust suit in March against the ATP, the WTA women's tour, the International Tennis Federation and the International Tennis Integrity Agency, calling them a 'cartel.' ___ AP tennis:
Associated Press
5 days ago
- Business
- Associated Press
ATP men's tennis tour says its profit-sharing plan is adding $18 million in prizes for 2024
LONDON (AP) — An extra $18.3 million in prize money will be paid by the ATP men's tennis tour to players based on their performances at last year's nine Masters 1000 tournaments under a profit-sharing plan introduced in 2022. The ATP said Thursday that amount is an increase from the $6.6 million profit-sharing bonus from Masters events in 2023. By adding in the profit-sharing amount, overall compensation for ATP players in 2024 rises to a record $261 million, the ATP said. The expanded Masters tour stops — with men and women playing at the same event, larger draws and lengthier tournament schedules — have drawn criticism from players for being too long. The backdrop to all of this is demands from some athletes for more money and more say in the sport. The Professional Tennis Players' Association, a group co-founded by Novak Djokovic, filed a class-action antitrust suit in March against the ATP, the WTA women's tour, the International Tennis Federation and the International Tennis Integrity Agency, calling them a 'cartel.' ___ AP tennis:
CNA
5 days ago
- Business
- CNA
ATP players handed record $18.3 million profit-sharing bonus
BENGALURU :Men's tennis players will pocket a record $18.3 million in profit-sharing bonuses from the 2024 season, the ATP said on Thursday, as the tour stepped up its efforts to forge a more sustainable and financially aligned future for the sport. The bonus amount, a 177 per cent increase on the previous season's payout, will be distributed to players based on performance at the nine ATP 1000 tournaments, which rank just below the four Grand Slams in prestige. "This is exactly what profit sharing was designed to do: ensure that players and tournaments share equally in the sport's financial upside," ATP Chairman Andrea Gaudenzi said. "The $18.3 million is a huge milestone. For us, it's proof that strengthening the premium product and aligning interests creates value. "We're proud to be strengthening our partnership and building a stronger, more sustainable ATP Tour." The profit-sharing plan, introduced in 2022, splits profits generated at ATP Masters 1000 events – above onsite base prize money – equally between players and tournaments and is a cornerstone of the tour's OneVision strategic plan. Profit-sharing helped push ATP player compensation to a record $261 million for the 2024 season for a total of $378 million when combined with Grand Slam prize money. The men's elite body added that it was on track to deliver more compensation records, including $28.5 million in Challenger Tour prize money and a $3 million ATP 500 bonus pool. The expansion of most of the Masters events to 96-player draws had increased earning opportunities for players, widening the number of those able to make a sustainable living from the sport, the ATP added. It said there was a "wave of infrastructure investment" as Madrid, Rome, Cincinnati, Shanghai and Paris, among other venues, had upgraded facilities to enhance the experience for players and spectators.
Daily Mail
16-07-2025
- Business
- Daily Mail
High profile boss of fast food chain whose restaurant was targeted in an arson attack steps down as CEO
The Burgatory boss has announced he will step down amidst rising debt and a liquidation probe into his business. Founder and CEO of the Melbourne-based restaurant, Hash Tayeh, said he was leaving the role of of food and beverage company QSR Collective CEO Wednesday. It was with a heavy heart that he announced his decision on Instagram. 'The decision hasn't come lightly, but it comes with complete conviction,' he wrote. 'When I started Burgertory, it was never just about burgers. It was about building something unapologetically bold.' His departure comes after the fast food chain became Australia's first to introduce 'a profit-sharing model across all staff, not just the boardroom'. Despite Mr Tayeh's leaving he insisted that it still had plans to 'take on the world'. A location is still expected to launch in the Philippines later this year. The 35-year-old burger boss said he was leaving so that his store could continue to grow. 'This isn't me stepping away because we're winding down, this is me stepping aside so Burgertory can soar higher,' he wrote. Mr Tayeh is a Palestinian-Australian businessman who caught a lot of flack for his ventures into activism amidst the Israel-Hamas war. He vocally advocated for his fellow Palestinians across protests and online. Previously Mr Tayeh had a branch of his gourmet burger chain firebombed after he led chants at a pro-Palestine rally in Melbourne in late 2023. Burgertory's Caulfield branch burned down early in the morning in November although no one was inside at the time. Ten fire crews battled to extinguish the blaze, which appears to have gutted the restaurant and shattered its glass windows, for around half an hour. The chain is Australia's largest independently-owned burger restaurant after founding it in 2018. It's owner however had sparked controversy for leading cries of 'From the river to the sea, Palestine will be free' at a local protest. Many interpret the chant as a call for the destruction of Israel. Mr Tayeh vehemently denies he is anti-Semitic and has since asserted he has the deepest sympathy for civilian victims in both Palestine and Israel. The inferno was investigated at the time. Mr Tayeh and his family moved into a safe house after this attack. One year later his own home was allegedly firebombed while he and his family were asleep. Mr Tayeh claimed these alleged attacks had been sparked by his vocal support of Palestine in his retirement post. 'The reality is, I've been subjected to targeted attacks, politically motivated smears, and ongoing harassment, not because of any wrongdoing, but because I've dared to speak out against injustice,' he said. 'While I will never apologise for my activism, or my voice, I cannot allow these attacks to become collateral damage for the people who've helped build this empire.'
