THE AUSTRALIAN OPEN INCREASES ITS PRIZE MONEY DUE TO A WEAKER AUSSIE DOLLAR

Written by: Staff on 11th January 2015

THE AUSTRALIAN OPEN INCREASES ITS PRIZE MONEY DUE TO A WEAKER AUSSIE DOLLAR

epa04027864 Tennis fans watch the match between Milos Raonic of Canada and Grigor Dimitrov of Bulgaria in round three of the Australian Open tennis tournament in Melbourne, Australia, 18 January 2014. EPA/JOE CASTRO AUSTRALIA AND NEW ZEALAND OUT |

The Australian Open has opened the corporate wallet in the face of a declining local dollar, with the grand slam event to offer a cumulative $40 million dollars (US$32.8 million) in prize money. With the Aussie down to $0.82 US after achieving parity and beyond for the last few years. Thus, players won’t have to worry about any decrease in their prize pocket spending power.

The $40 million breaks all records for the first major of the season, with men’s and women’s winners walking with $3.1 million (US$2.54 million) and first-round losers collecting a handy US$28,290.

“Obviously this is not a decision we have taken without a lot of consideration. But we have an ongoing commitment to the players that we are determined to help improve the pay and conditions of life on the international tennis tour,” said Tennis Australia CEO Craig Tiley.

“We are honoring that commitment. We as an international tennis community still have some work to do in ensuring that the life of an international professional tennis player is properly compensated.

“This increase is simply the Australian Open honoring our pledge to the players that we will continue to look at all ways and means possible to get this right. That involves increasing prize money as well as cutting and where possible removing the costs associated with playing our events.”

View of the Rod Laver Arena during the men’s final match between Rafael Nadal of Spain and Stanislas Wawrinka of Switzerland at the Australian Open Grand Slam tennis tournament in Melbourne, Australia, 26 January 2014. EPA/MAST IRHAM

The increases at the four majors have come at a rapid pace, with players benefitting. Only two years ago, the event went from $26 million (around $26 million at the previous exchange rate) to $30 million. In 2014, it went up to almost $33 million. The payout has effectively doubled since 2007 from $20 million.

CONTENTS VIA Bob Larson TENNIS News Service.

Topics: Australian Open, Tennis News

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January 11, 2015 at 12:45 pm

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