How Has US Open Committed to 95% Prize Money Despite Losses

In this COVID-19 pandemic every tournament, player, and organization is cash strapped. Many lower-ranked players were having financial problems, and tournaments also took huge losses. But the US Open even during the pandemic has ensured to keep a huge part of its 2019 prize money in this year’s edition as well.

The USTA, WTA, and ATP have worked together on the prize money. Last year the prize money was a record high at $57.2 million. And in a remarkable achievement, this year’s prize money will be 95% of the 2019 prize money. A total of $53.4 million will be given to the players.

Usta CEO Mike Dowse Gives Financial Details of the US Open

In a recent press conference USTA chief, Mike Dowse spoke about the prize money. He indicated that the operating income from the US Open will go down by 80%. Yet the US Open will almost keep the original 2019 prize money.

“Finally, to the question of does it make financial sense, despite the fact that our net operating income will be down nearly 80%, this is still yes. Fortunately, through our ability to tap into our financial reserves, lines of credit, and our recent reorganization, we can still provide total player compensation of nearly 95% versus a year ago and we can continue to fund our community tennis sections at somewhat a comparable level for ’20 and ’21,” Mike Dowse said.

And also additional $6.6 million will be provided to the other players because the US Open did not have a qualifying round and the doubles draw has been reduced. This will take the total prize money to $60 million this year showing the enormous capital strength of USTA and US Open.

Read More: US Open 2020 Increases First-Round Prize Money By 5%

The prize money for the champion, runner-up, semifinals, and quarterfinals has been reduced from the 2019 prize pool. This is a welcome move because the US Open then has increased the prize money given to 1st round exits. In 2019 first-round prize money was $58,000 but that has increased to $61,000.

The US Open isn’t cutting any corners here. The lower-ranked players especially needed compensations and relief funds to sustain themselves.