USTA ADDS $10 MILLION TO "GROW THE GAME FUND" TO SPUR GROWTH OF TENNIS

March 31, 2005 03:14 PM

The USTA announced that it will commit $10 million over the course of 2005-2006 to develop new programs to increase player participation and raise the profile of tennis in the U.S.  The USTA will fund these new initiatives as part of a Board approved planned deficit totaling $10 million over the next two years.

This incremental funding initiative follows a year of operating income and investment portfolio performance that resulted in a $26.1 million excess in income over expenses, according to the recently published 2004 USTA financial statements audited by Ernst & Young.  USTA operating revenues were up for the fifth consecutive year, led largely by the continued growth of the US Open.  The USTA will announce plans for specific spending in the near future.

"The USTA has never been in a stronger financial position to make an investment of this kind," said Franklin Johnson, Chairman of the Board and President, USTA.  "Our operating performance - based largely on the success of the US Open - and returns on our investments have resulted in unprecedented reserves for the Association.  As a not-for-profit organization, we have the obligation and responsibility to spend these funds to better carry out our mission."

"This additional investment in the game is necessary to make an impact with new and existing players, and demonstrates our commitment toward furthering the interests of tennis," said Lee Hamilton, Executive Director and COO, USTA.  "We look forward to collaborating with key industry partners to develop the most effective means of growing the game."

 

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