• Tennis pros take home the smallest slice of the pie among all major sports. Tennis players take home a mere 17.5% of the sport’s $2.2 billion annual revenue — the lowest share across all major sports. On the other hand, NFL players earn 47%, NBA players take home 50%, and Premier League stars receive a whopping 61% of the total revenue earned by the sport.

• It’s a broken system. Unlike the NFL or the NBA, tennis lacks a unified governing body. The Grand Slams govern themselves, the ITF governs the Olympics and the Davis Cup, and the ATP manages other tournaments. Tournaments are left to fend for themselves, without the financial support of a centralized support.

• No employee benefits, just costs. Professional players in sports like basketball, football, and baseball are considered employees; this guarantees them certain rights like healthcare insurance, pension, among others. Tennis players, however, are considered independent contractors, not employees. This means no healthcare, no pension, and no labor protections. While players can decide their own schedules, they must also bear the financial burden of travel, housing, healthcare, and training.

• There’s no Collective Bargaining Agreement in tennis. Leagues like the NBA and the NFL also negotiate Collective Bargaining Agreements (CBAs) through powerful player unions. These agreements help ensure fair compensation for the players. Tennis? No labor protection, no CBAs, and therefore, poor financial outcomes for the players. All of this results in an economic model that can only support tennis’s top stars, while the majority of players struggle.

• Record-setting winner’s cheque. World No. 3 Coco Gauff won the 2024 WTA Finals Riyadh and a record-setting winner’s cheque of $4,805,000 last week. The 2023 US Open champion came into the season finale with $16,776,989. Now, she has soared past that milestone to $21,581,989. The 20-year-old American is the fourth player born in the 2000s, male or female, to reach that career prize money milestone, and the first born in 2004 or later to do it.

• Rare feat. En route to winning the season finale, Gauff beat the Top 2 players on the WTA rankings - Aryna Sabalenka and Iga Swiatek - for the first time in her career. It’s a rare feat. At age 20, Gauff is the youngest woman to do so since Maria Sharapova at the 2006 US Open. Sharapova, 19 at the time, defeated then world No. 1 Amelie Mauresmo in the semifinals and then No. 2 Justine Henin in the final.

• The return of the fox. When Jannik Sinner was in school, his nickname was ‘Fox’. And it looks like Nike now wants Sinner fans to reconnect with the Fox again. Sinner’s fox-shaped personal logo was spotted on the practice courts in Turin, Italy, this week. He was seen rocking a white Nike cap with the logo, and also showing off personalised gear, including court shoes with ‘Jannik’ emblazoned on the back heel.

• Showing off. Sinner teased the new apparel and gear on social media, with a video set to Outkast’s ‘So Fresh, So Clean’. It was back in 2022 that Nike and Sinner unveiled an intricate fox-shaped logo with hidden personal references. His initials ‘J.S.’ are hidden in the bottom left corner, while the lines and angles symbolise his two passions, tennis and skiing. The logo didn’t get much use after its introduction, until now.

Photo Credit: Jannik Sinner, Instagram

• Alcaraz is the new face of tennis. Alcaraz’s rising influence, both on and off the court, pushed him past Novak Djokovic as the highest-paid tennis player in 2024. Alcaraz earned $42.3 million, with $10.3 million from tournament winnings and a whopping $32 million from endorsements with brands like Nike, Babolat, and Rolex. As the Big Three era comes to an end, all signs indicate that the sport has a new king.

• Rafa and Osaka are winning off the court. 2024 hasn’t exactly been their year—Nadal’s season has been riddled with injuries, while Osaka hasn’t made it past the second round of any Slam. Their on-court earnings reflect this—$600k for Osaka and $300k for Nadal—but off the court, they remain two of the most marketable stars in tennis. Osaka pulled in $14 million this year from deals with Nike, Louis Vuitton, and Beats by Dre (did you know she’s also co-founder of a skincare line, Kinlo?). Meanwhile, Nadal continues his long-running partnerships with Kia and Richard Mille and recently teamed up with Infosys, boosting his off-court earnings to $23 million.

• Tennis player, or businesswoman? Naomi Osaka earns only 7% of her annual income from playing tennis - the rest comes from a variety of sponsorships, endorsements, and businesses. She earns a whopping $60 million from the likes of Nike, Louis Vuitton, Nissan, and Tag Heuer. To top it off - she owns KINLÒ, a skincare line valued at around $10 million, and a stake in North Carolina Courage valued at around $15 million.

• A global marketing icon. Born in Japan, to a Haitian father, and having grown up in the United States - Naomi has international appeal like no other athlete. It’s no surprise that she’s appeared on an estimated 50 magazine covers including TIME.

• An outlier. She is not representative of female athletes - In 2023, the tenth highest female athlete, Leylah Fernandez, earned only $8.8 million.

• Nike bets big on Carlos Alcaraz. According to multiple reports, Alcaraz has signed a multi-year contract with Nike, in the neighbourhood of $15 to $20 million per year. The deal will include a signature shoe collection and apparel, and will continue over the next decade.

• Is Alcaraz the new face of men’s tennis? Nike certainly seems to think so. Nike will reportedly give Alcaraz an exclusive custom logo, a rare honour previously reserved for Rafael Nadal a la “the bull” and Roger Federer a la “RF”. All indications are that Alcaraz is fast becoming the new superstar in town, the heir apparent to tennis’ big three.

• Nike’s history with tennis superstars runs deep. For decades, Nike has endorsed tennis’ most iconic players, from Agassi and Sampras in the 90s (remember their iconic 1995 Nike commercial?), to Federer (who left for Uniqlo in 2018) and Nadal more recently. Alcaraz’s new deal adds another chapter to Nike’s long association with tennis’ biggest stars.

• Alcaraz’s brand gets bigger and bigger. He has an impressive portfolio, including partnerships with Babolat, BMW, Calvin Klein, and Louis Vuitton. Alcaraz earned $31.4 million last year, according to Forbes, just behind Novak Djokovic.

Here are some of Nike’s most iconic tennis commercials over the years:

Photo Credit: © Mike Frey-Imagn Images

• On keeps soaring. On, the fast-growing Swiss shoe brand, saw revenue of ~$2 billion for 2023, a 55% increase from the previous year. On also maintained high profitability, with a 59.6% gross margin, and it is in no hurry to stop, with management forecasting over $2.5 billion in sales in 2024.

• Roger Federer doesn’t miss. He invested in On in 2019, and reportedly owns around 3% of the company. His stake, based on On’s current market cap, is estimated to be worth north of $300 million. His signature On shoe a la “The Roger” is receiving rave reviews.

• Federer is raking in the money. Federer remains the most marketable star in tennis even after his retirement, boasting of partnerships with the world’s leading brands. His portfolio is second to none, including sponsorships with Rolex, Louis-Vuitton, UBS, Mercedes-Benz, not to mention Uniqlo, which locked him up in 2018 under a ten-year, $300 million deal. He was 9th on Forbes’ list of the highest paid athletes in 2023.

• Meanwhile, other footwear giants are on shaky ground. Nike’s revenue was down 2% in the fourth quarter of 2023-2024, and the markets haven’t reacted well, with its stock plummetting 31% this year. The company projects a further slump in 2025. Similarly, Under Armour is facing challenges too, with minimal sales growth and a dim outlook.

Photo Credit: © Mike Frey-Imagn Images

• It’s raining money in New York. The US Open will offer a record $75 million in player compensation this year, which is the largest purse in tennis history.

• Big money for winners, big money for first-round exits too. There has been a significant boost in prize money across the board; first-round losers will encash $100,000 (a 23% increase from 2023) while the men’s and women’s singles champions will each pocket $3.6 million, which is a 20% increase from 12 months ago.

• The US Open leads the pack. The entire purse at the US Open is higher than the other three Grand Slams in 2024. Wimbledon’s purse was $64 million, with the French Open and Australian Open both at about $58 million.