Under a new deal for the sport launched in the City London today, #21million of investment will be poured into the men?s game over an eight-year period beginning in April 2002. Eye Group and Fablon will have the option to renew for another eight years if all goes according to plan.
Key to the new partnership is the formation of a PSA Grand Prix series running from April to October, which will include eight national title events was well as a Grand Prix final in November and the World Open championships in December. The Grand Prix will include four ?Grand Slam? events, which will be run jointly with the women?s series.
The prize money will start at #720,000 ($1.05m) in the first year, with a commitment to #10.5million over the course of the eight-year deal.
Broadcast partners are already in place for the Grand Prix tour. These are: Sky Sports (UK), ESPN Star(Asia), Fox Sports Network (Australia), NT7 (Malaysia), Fox Middle East, ERT (Egypt), TV New Zealand, M-Net (South Africa), Fox Americas and SBC ( Singapore).
Biobas Active has been signed as the title sponsor for the tourin a five-year deal worth #200,000 per annum.
According to Fablon?s Karl Oliver, the deal will bring ?continuity and consistency? to the formerly unstructured international squash championship series.
Gawain Briars PSA executive director added: ? This is an opportunity to have a fully structured circuit for the first time. This is a courageous launch by Fablon Investments Limited and the Eye Group, but I believe a shrewd one.?
The Eye Group, which has offices in Hong Kong, Canada and the Australia, will be seeking a listing on London?s AIM market in the near future, said the company.
According to industry insiders speaking exclusively to sportbusiness.com, this could happen within two months.
