ATP to Switch to Euro Prize Money
%mlink(STRY:; PHOTO:; AUDIO:%)
MONTE CARLO, Monaco (AP) _ The ATP men’s tennis circuit will pay prize money in Euros instead of U.S. dollars at its European tournaments starting next year.
The ATP said Wednesday that it had approved the use of a dual Euro/dollar currency system in recognition of the Euro’s strength and acceptance.
Next year, the ATP will publish prize money lists in both U.S. dollars and Euros. Tournaments in Europe will pay in Euros, while U.S. events will pay in dollars. All other tournaments must choose by the end of this month whether to pay in Euros or dollars.
During the transition phase, any tournament held during the first three months of 2003 may pay in dollars. The ATP’s two tournaments in Britain may continue to pay in dollars for 2003 only.
The U.S. dollar will be converted at a 1-to-1 rate into Euros.