These tennis pros don't net as much as other major sports league players when they retire.
The US Open, which starts on August 26, has increased its prize money a lot in recent years. This year it will pay out a total of $57 million, and the winners of the men’s and women’s singles titles will earn $3.85 million. All of these numbers are record highs in tennis. Also this year, the USTA, which runs the US Open, for the first time is giving $1 million to be split among the women’s and men’s tours in part to help fund their pensions for players.
When the contribution was announced, Patrick Galbraith, USTA Chairman of the Board and President, said, “We strive to be innovative, and feel that our new contribution of $500,000 to both the ATP’s pension plan and the WTA Tour’s transition programs for players will go a long way toward the long-term financial well-being of all of our sport’s athletes.”
Galloway says the current retirement program has been in place since 1990 following the formation of the ATP Tour. Javier Sanchez, who played on tour between 1986 and 2000 and won $4.4 million during his career, is now 51 and says, “I started to receive payments recently and it is great to be compensated for our years on the courts. I was around when the ATP Tour started and I’m glad to see the results of various improvements done for the players, including the pension plan. During my time, we contributed money to players that competed in the 70s and 80s.
ATP Player Board members make up the committee that administers the program, Galloway says, and it regularly consults with the ATP Player Council on any significant pension-related matters. Where does the money to fund the pension come from? Galloway says from various sources — some comes off the top of prize money at tour events, and the largest amount is usually from a share of the tour’s financial success from things like tournament revenue and TV deals.
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