Tony Godsick, Chair of the Laver Cup and CEO of Team8, along with tennis legend John McEnroe, appeared on CNBC’s “Squawk Box” to discuss the prospects for the 2024 Laver Cup and the broader business of tennis.
When asked about the financial structure of the Laver Cup, Godsick highlighted that ticket sales and sponsorships are currently the primary revenue sources for the event. He emphasized the importance of attracting large audiences to build the event’s profile and indicated that while they are performing well across various revenue channels, including media rights, there is still room for improvement. Godsick acknowledged the shift towards streaming and hinted that the Laver Cup could become a prominent feature on streaming platforms in the future.
McEnroe offered his perspective on the current state of tennis, noting an overall improvement but expressing concerns over accessibility and affordability for fans. He stressed the need for a stronger partnership between players and tournaments, similar to organizational structures in major leagues like the NFL and NBA, to ensure players receive fair compensation.
Godsick reassured that the tennis business is thriving, citing the U.S. Open’s recent success, which saw a million attendees and a lucrative media deal with ESPN reportedly worth over $2 billion. He also mentioned the influx of new brands entering the tennis market, indicating a burgeoning interest in the sport within the fashion industry.
Regarding the potential for a unified league structure, McEnroe acknowledged that while players have an association, they lack a formal union, complicating efforts to advocate for player interests. He suggested that a stronger collective action might be necessary to assert players’ needs effectively.
Godsick concurred, stressing the importance of dialogue among stakeholders in the sport. He noted that the four Grand Slam tournaments generate a significant majority of tennis revenue, underscoring the necessity for equitable compensation for players. Both emphasized the need for collaboration to advance the sport of tennis.