(MENAFN- The Peninsula) AFP
Madrid: Gerard Pique's investment group Kosmos has taken its dispute with the International Tennis Federation (ITF) to the Court of Arbitration for Sport, citing 'unjustified termination' of its contract to organise the Davis Cup.
The former Barcelona defender's company are 'claiming damages' for 'the unjustified termination of the contract,' a spokesperson for Kosmos said Wednesday.
In January the ITF announced the end of the agreement with Kosmos, originally a 25-year deal worth $3bn which commenced in 2019.
A source close to the matter said the ITF and Kosmos had failed to reach a new financial agreement.
Reports in Spain over the past week suggested the ITF had been considering taking Kosmos to court over the issue.
The 2019 Davis Cup finals were the first in a single-city format, one of the changes made under the widely-criticised partnership between the ITF and Kosmos.
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