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Fablon / Eye Group and PSA reach accord on new Grand Prix Circuit

PSA Press Release, May 17 2001

WORLD SQUASH NEWS EYE GROUP, FABLON AND PSA UNITE IN HISTORIC £21 MILLION SQUASH AGREEMENT

The single largest and most significant agreement in the history of the sport of squash was announced today (Thursday 17 May) in the City of London by Eye Group, Fablon and the Professional Squash Association (the association representing the interest of male players), who have entered into an eight-year agreement beginning in April 2002 which will provide an injection of over £21 million (pounds sterling) into the men's professional game. Eye Group, Fablon and the PSA confirmed that, following months of detailed discussions and negotiations, the final elements of a new elite men's World Grand Prix Tour have been agreed.

The new World Grand Prix Tour will comprise the eight leading, prestigious National Open titles, commencing in April of each year with the British Open, and will culminate each November with the Grand Prix Finals which will precede the final event of the year, the PSA World Open in December.

The new World Grand Prix tour will commence in April 2002 and will supersede the PSA title and series of events known as the "Super Series".

Who are the Fablon Group?

World Squash now has all of its eggs in one basket - that of the Fablon Group (Eye Group). Who are they?

The are a media rights group, who 'rescued' the British Open in December 1999. They parlayed that into a broader agreement that gave them control of most SRA Championship Events, and later inked an agreement that gave them control of the WISPA 'grand prix'. Now they have gained control of the PSA top eight events.

They bring squash the promise of TV coverage of pro events, as they accomplished with last year's British Open, but have little prior experience with squash or ties to the sport.

They bring the promise (but not concrete proof) of large prize money funds.

Their main revenue source today is from the UK "Non League Football" arena.

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Certain of the PSA's current Super Series event partners will join the inaugural roster of World Grand Prix tour events working closely with Eye Group to manage the transition through 2001, with the remaining Super Series events continuing as a second tier of events on the PSA World Tour. Total prize money for the eight National Open titles and the Grand Prix Finals will exceed $1 million in 2002 alone with prize money of $187,500 for the World Open final.

All the events will be staged on state-of-the-art portable glass courts at leading venues around the world and will enjoy high quality television production and live international television coverage.

Eye Group will underwrite the staging costs and prize monies of the new World Grand Prix in return for which it will have exclusive rights to commercially exploit all elements of the tour including TV, internet, sponsorship, advertising, merchandising and licensing, publishing and ticketing.

Graham Gutteridge, Chairman of Eye Group, commented: "With over 20 million regularly playing the sport around the world, and growing television audiences, we are convinced that squash has great commercial potential. Our programme of acquisitions in the sport over the last 12 months with both the World Squash Federation and WISPA, together with this landmark PSA agreement, gives us a unique opportunity to bring stability, certainty and continuity as well as the benefits of synergy to both the elite men's and women's game as well as to the world championships and allows us to present a simple unified message and clearly defined season of events to the four key audiences - the spectators, the television industry, the commercial marketplace and the sports news media."

John F Herrick, Chairman of the PSA, further stated: "While those of us involved in the sport have long recognised that squash is clearly one of the finest, and among the most physically demanding, sports in the world, up to this point in time we have had difficulty, due primarily to budget constraints, to carry this message. The marketing and financial abilities of Eye Group and Fablon provide a perfect fit with the existing skills of the PSA to spread this message now throughout the world. We look forward to co-ordinating with Eye Group and Fablon to elevate squash to its deserved role in the world of sport."

PSA's Executive Director, Gawain Briars, who will work closely with Fablon and Eye Group in developing this international programme of elite events, added: "In the last two years the PSA has witnessed a major turn-around in the numbers and levels of new events to join the World Tour. This major agreement with Fablon will enhance and complement our existing structure of tour events as well as provide a huge boost to the credibility and stability of the PSA circuit, to the global marketplace, with the new World Grand Prix heading up the World Tour programme of events. Not only will our members benefit from an injection of over £10 million of prize money, but the programme of live international television coverage and new media exposure will create a surge in the popularity of our sport that will surpass that witnessed in the late 1970's. Our time to step up to join the major international sports has arrived."