ATP reveals startling $18.7 million player retirement plan of 2023 as it expands to 300 players this season!

The total assets have reached a massive $270 million.

L-R: Roger Federer, Rafael Nadal and Novak Djokovic (Image via: ATP/X)

The Association of Tennis Professionals (ATP) revealed on Thursday that it contributed a record $18.7 million to the Player Retirement Plan fund in 2023. It announced that a total of 165 players met the qualification criteria last season and will receive US$113,600, credited as a contribution in 2023.

The ATP also declared that it will expand the player pool who qualify for the Player Retirement Fund every year, from 2024 onwards. The men’s tennis governing body said that it will increase the player pool from 165 to 300 from this season onwards.

Notably, the Player Retirement Fund was set up in 1990 and has benefitted 878 players so far. The players who are part of the plan receive financial support for 20 years starting from the age of 50 years.

The ATP Player Retirement Plan enjoyed another successful year in 2023, when a total of US$18.7 million was contributed to the fund, which is designed to provide players with financial support in retirement.

The ATP announced on Thursday.

ATP’s strong financial condition helps retired players

The ATP‘s Player Retirement Plan has only grown bigger since its establishment. The tennis governing body claimed that after a staggering $18.7 million contribution to the fund, its asset soared to a massive $270 million as compared to $37 million in 2000.
Massimo Calvelli, ATP CEO & Kevin Foster, Head of Corporate Affairs, PIF (Image via ATP Tour)
In 2022, the fund received a massive contribution of $27.7 million and the contributions to individual player retirement accounts hit $167,900 in 2022. This was a huge increase as compared to $10,800 in 2010. ATP said that the growing numbers show the governing body’s strong financial health.

Building on the success of the scheme and its importance to players, the Player Retirement Plan will expand from 165 players qualifying each year to 300 players, starting in 2024. The expansion reflects the strong financial health of the ATP and its commitment to support players even after they hang up their racquets.

The ATP said in its statement.

Notably, the plan intends to help those players who do not achieve the height of success as other top stars on the tour. Last year, Matthew Ebden highlighted how many players on the tour do not earn as much as stars like Roger Federer, Rafael Nadal, and Novak Djokovic. Hence, the retirement fund helps those players in achieving financial security.