Source: REUTERS/PEDRO NUNES
[Saba Sports News] According to reports from Spanish
media, Kerad Holding, a subsidiary of the Kosmos Group founded by the renowned
Spanish star Gerard Pique, has incurred substantial losses in the previous
fiscal year. This comes as a surprise since the financial report released the
year before had indicated a profit of 8 million euros. However, the recently
revealed financial report for the last fiscal year demonstrates losses
amounting to nearly 24 million euros. Pique’s Kosmos Group had previously entered
into a 25-year cooperation agreement with the International Tennis Federation
(ITF). The subsidiary Kerad Holding was responsible for organising, managing,
and developing the Davis Cup under this contract. However, the partnership
between the two parties came to an end after only five years of implementation.