By Richard Pagliaro | Friday, December 30, 2022
Australian Open tournament director Craig Tiley shares the state of the tournament's finances and the city that nearly hosted the AO during the pandemic.
Photo credit: Fiona Hamilton/Tennis Australia
The Happy Slam is facing haunting fiscal issues.
Tennis Australia Chief Executive Officer Craig Tiley shared a bleak bottom line for the Australian Open.
More: Nadal Rises in Emotional 2022
In an interview with Australia's Herald Sun Tiley revealed the $80 million in reserves the tournament established was completely wiped out due to the impact of the Coronavirus pandemic. Limited crowds allowed at Melbourne Park the past couple of years depleted AO reserves, Tiley said.
“It’s gone from $80 million to zero, pretty much," Tiley told The Herald Sun of the tournament's finances.
The 2023 Australian Open, which will be played without crowd restrictions, begins on January 16th.
Australian Open Tournament Director Tiley said during the pandemic the TA discussed potentially moving the AO to Sydney, whose pandemic restrictions were not as severe as Melbourne. Investors in Shanghai also made overtures about the tournament, Tiley said.
"Private equity know that when it’s in good times it’s a very healthy business, very attractive for private equity,” Tiley told The Herald Sun. “So there was quite a bit of interest.”
Melbourne is contracted to host the AO through 2046 though Tiley says upgrades to the site are necessary, including a new or revised arena.
“We do need to develop another master plan and work with the state government on it,’’ Tiley said. “And there is going to be a need for another stadium, whether that be a refurbishment or a replacement of John Cain Arena
“There will be a need for more courts, as the event grows onto a three week event.’’
Rafael Nadal, who rallied from two sets down to defeat Daniil Medvedev in the 2022 final, is reigning men's Australian Open champion.
There will be a new AO women's singles champion as Ash Barty retired shortly after defeating Danielle Collins to collect the 2022 Australian Open championship.