PPA denies having received an official offer from WPT
The Professional Padel Association (PPA) issued an official statement that clarifies that it has not received a formal or binding proposal for renewal from the WPT.
The PPA came out against the news published by the Spanish newspaper Marca on the 4th of August, where it was reported that the WPT circuit had presented a renewal offer to the players' collective on the 30th of December 2021, substantially increasing the prizes. According to the information, the immediate renewal offer contemplated distributing 9.3 million euros in 26 annual events.
This offer would have meant an increase of around 34% over the current prize money offered by the new Premier Padel Circuit, which has raised uncertainties about the issue.
Alejandro Galan, president of PPA, told the Spanish newspaper: "It is not true that we have such an offer, we did not receive a formal proposal. We met, but the conditions they put on the table did not satisfy us. That was not the amount".
Today, through an official statement, the PPA has clarified that it has never received an official offer of renewal from WPT but has only had a "telematic presentation with generic ideas" with the investment fund Rucio Investments (now disassociated from Setpoint Events S.A.), which was then repeated with the WPT board. Still, in no case, the offer was formal or binding.
The full press release
“Concerning the news published by the newspaper Marca on the 4th of August 2022 regarding an alleged offer from World Padel Tour, from the PPA, we want to communicate:
- Our association has not received any binding or official offer from WPT at any time.
- The only contacts aimed at addressing a possible renewal with the players happened on December 30, 2021, through the investment fund Rucio Investments, where certain members of this association were given a telematic presentation with generic ideas and in no way binding.
- As a result of this presentation, on January 14, 2022, a telematic meeting was held at the invitation of the WPT Board of Directors with the entire group of players on the circuit, where the aforementioned presentation was repeated.
- Both presentations took place after a first proposal was made in the summer of 2021, which the players did not attend as it was considered insufficient.
First, PPA would like to emphasize that the published presentation "Principles to be agreed for a new circuit model" is not a formal or binding offer. Furthermore, the aforementioned presentation was presented to the circuit players' collective on 14 January 2022.
In addition, it should be noted that this presentation takes place in a context where a proposal was made significantly lower than the one published, a fact that caused a lack of consideration by WPT towards the players' collective.
Any fact reported under this statement has documentary and objective support, which supports all the above, being this association available to anyone who has a legitimate interest (especially members) to resolve any doubts that may arise.”