Statement from ITTF President Petra Sãrling, ITTF Vice President Finances Dr. Alaa Meshref, and ITTF Group Chief Executive Officer Steve Dainton on the publication of the ITTF Group Financial Statements for 2023 and 2024:
A Pivotal Moment for ITTF and WTT
Today marks a significant milestone in the evolution of the International Table Tennis Federation (ITTF) and its commercial counterpart, World Table Tennis (WTT). The release of the ITTF Group’s consolidated financial statements is a testament to the hard work and strategic vision that has shaped our journey.
Achievements and Milestones
We are excited to share that in 2024, WTT achieved its first-ever profit contribution towards the ITTF Group’s consolidated profit of USD 1.5 million. This achievement is monumental for an organization that was established just a few years ago, underscoring the effectiveness of our business model.
In the realm of startups, reaching profitability is often a prolonged process, taking several years as they build their operational framework and establish a market presence. The fact that WTT has achieved profitability in under five years, within the 2021-2024 quadrennial forecast approved by the ITTF Annual General Meeting, serves as a clear indication of our model’s viability and success.
The Vision Behind WTT
When the ITTF initiated the creation of WTT, it was propelled by an ambitious vision to professionalize and commercialize the sport of table tennis, thereby unlocking its true potential for global growth. WTT was strategically designed to harness the value of table tennis and reinvest those earnings for the collective benefit of all stakeholders.
This initial vision is now yielding tangible results, as demonstrated by our financial growth and increasing market presence.
Significant Financial Growth
In 2019, prior to the COVID-19 pandemic, our revenue from commercial endeavors and events stood at USD 16 million. Fast forward to 2024, and this revenue has soared to more than USD 52 million—an impressive threefold increase! What’s even more noteworthy is that this growth has been achieved without compromising the integrity of ITTF’s reserves, which have remained stable at USD 6.8 million.
More than mere growth, this represents a fundamental transformation of our organization and our approach to the sport.
The Factors Behind Our Success
The remarkable progress we have made can be attributed to several key factors that have allowed us to effectively translate the newfound momentum within our sport into commercial success. Our preparedness was the result of careful planning and strategic foresight, enabling us to capitalize on the opportunities presented to us.
Looking Ahead: A Positive Outlook for 2025
As we gaze towards 2025, we are well-positioned for continued profitability. Several factors will drive our ongoing success:
- A comprehensive calendar of events, including four Grand Smashes, which are expected to generate significant organic uplift.
- Strategic optimization efforts concerning recurring events, as evidenced by the cost and revenue efficiencies realized during the Singapore Smash.
- Ongoing improvements in the monetization of our commercial rights, ensuring we maximize the value derived from our offerings.
Shared Success with Our Membership
This achievement is not solely the result of WTT’s efforts; it is a testament to the entire ITTF and its Member Associations. WTT, as a creation of the ITTF, embodies the trust and confidence that our global membership has invested in this ambitious vision. As WTT continues to flourish, we remain committed to ensuring that this success is equitably shared, reinvested, and redistributed to strengthen table tennis worldwide.
When WTT thrives, so too does everyone who contributes to the sport, fostering a reciprocal relationship that benefits all stakeholders.
Challenges and Learning Opportunities
We acknowledge that the publication of the 2023 financial statements took longer than anticipated. Delays of this nature are not uncommon in the foundational years of complex initiatives. In our case, the holdup was linked to the restructuring of value-in-kind agreements with WTT investors, the reclassification of various assets, and our transition to a new auditing partner—PwC, one of the foremost global audit firms known for its rigorous standards. We are pleased to report that PwC has rendered a clean opinion for both the 2023 and 2024 financial statements.
This journey has involved continuous refinement and valuable learning experiences. However, we are proud to state that the foundations we have laid are now robust, and the results reflect the hard work and dedication of our team and community.
Embracing a Promising Future
The future of the ITTF and WTT has never looked more promising. The strategic initiatives we have implemented, paired with our relentless pursuit of excellence, have set the stage for even greater accomplishments ahead. We are invigorated by the opportunities that lie ahead, as we remain focused on promoting table tennis, enhancing its global footprint, and fostering a spirit of collaboration among our Member Associations.
Financial Statements Availability
The ITTF Consolidated Financial Statements for 2023 and 2024 are now available for our stakeholders. We encourage you to review them to gain a deeper understanding of our financial health and strategic direction.
