The WTT Singapore Grand Slam tournament has slashed its prize money and sparked widespread controversy. The 2024 Singapore Grand Slam tournament will have a significant reduction in both the total prize money and the prize money for singles and doubles champions compared to 2023. The total prize money decreased by $500,000, the singles champion prize money dropped by $40,000, and the doubles champion prize money also fell by 20%-30%. This change has not only sparked heated discussions among fans.
The term "Grand Slam" is derived from tennis, however, sadly, the singles title prize for the Singapore Grand Slam is less than even one-tenth of the prize money for a Grand Slam singles champion. At the same time, ticket prices** continue to rise, while prize money continues to shrink, raising questions about the flow of money for the event.
The Australian Open is one of the four Grand Slam tournaments, and this year's singles title has a prize fund of $2.07 million. By comparison, the Singapore Grand Slam prize money is only $60,000, which is less than a fraction of the Australian Open prize money. You must know that table tennis is our national sport, and its status and influence are irreplaceable in China. However, compared to other ball games such as tennis, table tennis Grand Slam tournaments have significantly lower prize money.
Tournament organizers need to rethink the running model and financial health of the tournament to ensure the sustainability of the tournament and increase player and fan engagement and satisfaction. They need to take effective steps to address the current issues and pave the way for the future development of the event.