OZ Open prize money hits record of $ 32 mil

MELBOURNE: On Friday, the organizers of Australian Open had declared that they had raised the prize money for the year’s first Grand Slam to a record Aus$40 million (US$32 million), with the singles winners taking home Aus $3.1 million each.

This increase in the cash pool was meant to compensate for the decline in the Australian dollar, officials said, which fell to a five-and-a-half year low this week.

“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.”- Tennis Australia Chief Craig Tiley said.

“We have done a lot of work within our business to position ourselves to make this critical investment in the players and for the long-term future of the Australian Open,”- Tennis Australia president Steve Healy added.

The prize money is being regularly increased every year as a respond to the threats being posed by players who said that they will boycott the tournament if not provided with a greater share of the revenue.

It has already gone up from $ 33 mil in 2014 and from $30 mil in 2013. This year’s increase marks the doubling of the prize money from what it used to be in 2007 ($20 mil).

The tournament will be held at Melbourne Park from January 19 to February 1 and attracts the world’s top players, including seven-time Grand Slam champion Novak Djokovic and 18th Grand Slam singles title holder Serena Williams.