"There's no question it's a tough market out there," he said.
"We have a very conservative budget for next year. It's been tough on everybody."
The immediate reason for the ATP's financial woes is the bankruptcy of its major sponsor, marketing company ISL. The company had signed a deal with the ATP for 10 years of exclusive marketing rights at the masters, in return for 120 million dollars a year. Unfortunately ISP's profit has been well below the $150 million (US) it had expected to make through the commercial arrangement.
The situation has left the ATP scrambling for a new partner, but too late for 2002 according to Agars.
"By the time...(ISP pulled out), it was a little late to strike major deals for 2002," Agars said. "But that doesn't mean that we can't strike some big deal for 2003."
It just goes to show that even the multi-million dollar ATP Tour is not immune to the current instability in the world economic climate.
In other news, Australian Open champion Andre Agassi has spoken out about the terrorist attacks.
Andre Agassi said: "It's a very difficult time for many people, but I also believe sport is a great healer. It allows some kind of distraction and relief from some very unnecessary and unfortunate tragedies, difficult for us all."
Hopefully tennis, with the myriad of nation's competitors who are represented in it; will help people to bring the world together.
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