Statement from ITTF President Petra Sörling, ITTF Vice President Finances Dr. Alaa Meshref, and ITTF Group Chief Executive Officer Steve Dainton, on the publication of the ITTF Group Financial Statements 2023 and 2024:
Today marks a pivotal moment in the journey of the International Table Tennis Federation (ITTF) and its commercial arm, World Table Tennis (WTT).
With the publication of the ITTF Group’s consolidated financial statements, we are proud to announce a major milestone: in 2024, WTT recorded its first-ever profit, contributing towards the ITTF Group consolidated profit of USD 1.5 million.
Most startups take several years to reach profitability as they build their operations and establish their market presence. That WTT has achieved this in under five years –and within the 2021-2024 quadrennial forecast approved by the ITTF Annual General Meeting– is a clear signal of the model’s viability. A true proof of concept.
When ITTF created WTT, we did so with a bold vision to professionalise and commercialise table tennis, unlocking its full potential to grow the sport globally. WTT was designed as a strategic vehicle to capture the value of our sport and reinvest it for the benefit of all.
That vision is now bearing fruit.
In 2019, pre-COVID, our commercial and events revenue stood at 16 million USD. In 2024, this has grown in excess of 52 million USD. More than triple! A success achieved without diluting the ITTF reserve which remains stable at USD 6.8 million.
This is not just growth; it is transformation.
Why and how? Because we had the right platform to translate the unprecedented momentum our sport experienced last year into tangible, commercial success. It was not by chance, but by design, that we were ready to capitalise.
As we look ahead to 2025, we are positioned for continued profit, driven by:
– A full calendar of events, including four Grand Smashes, that will generate organic uplift;
– Strategic optimisation of recurring events, exemplified by the cost and revenue efficiencies achieved at Singapore Smash;
– Ongoing improvements in the monetisation of our commercial rights.
This success belongs not only to WTT, but to the ITTF and its Member Associations. WTT was created by the ITTF, and its achievements reflect the confidence our global membership placed in this vision. As WTT continues to grow, our focus will also turn to ensuring that this success is shared, reinvested and redistributed in ways that strengthen the sport globally and reward those at its heart. When WTT thrives, so do all who contribute to our sport.
We acknowledge that the release of the 2023 financial statements took longer than anticipated. However, such delays are not uncommon in the early years of complex ventures. In our case, this was due to the restructuring of value-in-kind agreements with WTT investors, the reclassification of assets, and the transition to a new auditor — PwC, one of the world’s leading and most rigorous audit firms. We are pleased that PwC has provided a clean opinion for both 2023 and 2024.
We are still refining, still learning but the foundations are now solid, and the results are real.
The future has never been so promising.