The chairperson of the Masters snooker tournament has unveiled plans to expand throughout Asia in response to the pandemic revealing the company’s dependence on China.
The Guardian reported that Steve Dawson, the CEO of World Snooker Ltd, discussed the possibility of hosting tournaments in India, Pakistan, Malaysia, and Thailand due to the negative impact of Beijing’s Covid lockdowns over the past three years.
The owner of World Snooker, Matchroom, is hoping that 16-year-old Luke Littler’s impressive journey to the final of the PDC World Darts Championship will inspire other young players in the sport. Matchroom, which was established by Barry Hearn and is currently run by his son Eddie, is a sports promotion company that covers various sports such as boxing, darts, snooker, basketball, and gymnastics.
Dawson expressed that the series of lockdowns in China, where they hold snooker world tour events, made them realize the need to diversify their risks and expand their international events across Asia and Europe rather than relying on one specific region.
Dawson announced that the organization, World Snooker, has intentions to cautiously expand into untapped markets, in addition to their current tournaments held in Turkey and Germany. The company is responsible for hosting prestigious events such as the UK Championship, the World Snooker Championship, and the upcoming Masters at Alexandra Palace in London, starting this Sunday.
Over 30,000 tickets have already been purchased for the event, surpassing the 7,000 sold in 2011 when it took place at Wembley before relocating to north London.
According to Dawson, Littler could serve as a source of inspiration for a group of young players, such as British teenager Stan Moody.
“He expressed that providing them with chances is the key. We have a handful of talented young players. However, snooker presents its challenges – being a more exclusive activity, one cannot simply go to a nearby pub to play due to limited tables and it takes considerable time to excel in the sport.”
Last year, the number of viewers for the darts final was 3.7 million, while the World Snooker Championship final had a peak of 4.5 million viewers. The focus now is on developing a steady stream of talented new players, as there is a distinction between those who play the sport and those who watch it.
When questioned about whether snooker should attract a younger crowd, Dawson replied that the sport’s image should be updated. However, he noted that many people are quick to criticize the age of the current audience. He also acknowledged that the majority of their audience is over the age of 50, but sees this as a positive as they tend to have more financial stability and influence. He stated that they are willing to make efforts to appeal to this demographic.
In its most recent financial report, World Snooker reported operating profits of £2m and revenues of £26.6m for the period ending June 30, 2022. This was a record high, despite the lockdowns in China.
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Dawson announced that the company’s revenue had reached a record-breaking amount of £29.1 million, but there was a decrease in operating profits to £1.7 million in the subsequent fiscal year. The Hearn family received a dividend of £1.5 million from the company. A significant portion of the funds, over £300,000, was allocated towards the development of a new website, app, and rebranding efforts.
World Snooker has a goal to distribute £20m in prize money for the 2025-26 fiscal year, which is an increase from the anticipated £14m this year.
According to Dawson, the executives at Matchroom are currently evaluating our choices following the unsuccessful negotiations with private equity company CVC to acquire a smaller ownership share last year.
Source: theguardian.com
