Novak Djokovic will approve as prize money for 2023 Shanghai Masters is revealed

The biggest names in tennis are battling it out for some mega money at this week’s Shanghai Masters, but it has emerged that the winner will be forced to accept a pay cut from the cheque handed out the last time this event was played.

Tennis is back in China after the Covid shutdown, with Carlos Alcaraz the star attraction in Shanghai this week as he looks to beat his great rival Novak Djokovic to the year-end No 1 title.

With the event expanding from a 56-man entry list to a bumper 96-man draw, the prize money has been boosted considerably.

Total prize money for the 2023 Rolex Shanghai Masters is US$8,800,000 with the singles champion set to earn US$1,262,220 while a player bowing out in the first round will earn US$18,660.

The doubles champion team will earn US$436,730 while a team losing in the first round receives US$18,020.

However, the enhanced draw means the share for the champion is down in 2023 compared to the last edition of this tournament four years ago.

Russia’s Daniil Medvedev was the champion in Shanghai last time, with the total prize fund on offer standing at $8,322,885.

There has been a 17.75% increase in prize money, but the champion will take home 8.20% less than Medvedev pocketed when he won the prestigious title.

The expanded field in Shanghai will be welcomed by players keen to enhance revenue, with increasing concerns being raised over the challenge of competing on the ATP Tour for players lower down the rankings.

World No 1 Novak Djokovic – who has opted to sit out this week’s tournament in China as he recovers from his US Open win last month – is leading a campaign to increase prize money potential for players throughout the tennis grapevine, as he believes too much to given to those at the top.

“I’m fine for this life and many other lives,” said Djokovic, who is the biggest earner in the history of tennis with prize money of $175,281,484.

“We all definitely want to see a change at the base level because the 150th player on the planet struggles and often has to travel without a coach. People don’t realise how expensive this sport is.”

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Meanwhile, the ATP Tour have announced that they are looking to ensure players earn a minimum amount of cash each year to fund their careers.

If players ranked in the top 250-ranked singles players each season finish the season collecting less than the guaranteed threshold, the ATP will step in to cover the shortfall.

For the 2024 season, these levels are $300,000 (top 100), $150,000 (101-175) and $75,000 (176-250).

This assurance will empower players to plan their seasons with greater certainty, focus on their game and invest in their teams. This includes covering the expenses of coaches and personal physios, as well as travel.

The second part of the ATP plan focuses on Injury Protection, providing support to players who play fewer than nine ATP Tour and Challenger Tour events in a season due to injury.

This progressive initiative includes thresholds set at $200,000 (Top 100), $100,000 (101-175) and $50,000 (176-250) in 2024. This is designed to provide financial security during difficult periods, allowing players to focus on recovery and make a successful return to the game.

The third pillar, Newcomer Investment, provides an additional boost to up-and-coming players as they push on in their professional tennis journey.

These rising stars will have access to $200,000 of funding upon breaking into the Top 125 for the first time, paid in advance of the following season and offset against prize money earnings. This will facilitate players’ investment into their teams and resources as they break onto the ATP Tour.

“Being a professional tennis player comes with incredible rewards, but it’s also a challenging journey, especially for those starting their careers,” said Grigor Dimitrov, ATP Player Advisory Council Member.

“Baseline is a game-changer. Knowing that we have a safety net through the minimum guarantee and injury protection pillars gives us peace of mind, allowing us to focus on our game and strive for success. This truly shows the ATP’s commitment to the players and the future of our sport.”