- World Snooker plans Asia expansion
- Luke Littler inspires young players
- Revenue peaks despite Chinese lockdowns
The chair of the organization that owns the Masters snooker tournament has disclosed that, after the pandemic exposed the company’s reliance on China, it is planning an expansion trail across Asia.
Steve Dawson, chief executive officer of World Snooker Ltd., said that the company was contemplating hosting tournaments in Malaysia, Thailand, India, Pakistan, and Thailand after three years of Covid lockdowns imposed by Beijing had halted its operations.
Additionally, he believes that the phenomenal journey of 16-year-old Luke Littler to the final of the PDC World Darts Championship, which is also managed by World Snooker’s owner Matchroom, can inspire young players. Eddie Hearn currently oversees the sports promotion company, which was established by the seasoned Barry Hearn and covers gymnastics, boxing, darts, snooker, basketball, and darts.
Dawson stated that the string of lockdowns in China. At this venue, the organization organizes snooker world tour events, “opened our eyes to the fact that we need to consider a bit more risk diversification” and “conduct a greater number of international events throughout Asia and Europe, with less reliance on any one territory.”
According to Dawson, World Snooker, which also hosts competitions in Turkey and Germany, intends “cautious expansion” into new markets. The organization hosts the World Snooker Championship, the UK Championship, and the Masters, which commences on Sunday at Alexandra Palace in London.
Snooker’s Growing Challenges and Successes
The event has sold over 30,000 tickets, significantly surpassing the 7,000 sold in 2011 when it was originally held at Wembley before relocating to north London.
Dawson stated that Littler might serve as an inspiration to several juvenile players, including Stan Moody, a British adolescent.
He stated, “All we must do is provide them with opportunities.” “We have three or four exceptionally talented [young] athletes. But snooker is marginally more challenging. It’s played on a more privileged platform, and there aren’t enough tables at the local tavern to play it. Becoming an expert takes considerable time.
In the previous year, 4.5 million watched the World Snooker Championship final, but 3.7 million watched the darts finals. There is a distinction between spectators and participants in the sport. Therefore, we must work assiduously to have a steady stream of new, high-caliber athletes emerge.
Dawson responded when asked if snooker needed to attract a younger demographic: “The sport’s image must be updated. But everyone is extremely critical of the age of its spectators. “If we know that our target demographic is between the ages of 50 and 55, they have purchasing power and financial resources; we would be delighted to work to acquire them.”
World Snooker’s latest financial results for 30 June 2022 showed £2 million in operating profits. The revenues reached £26.6 million, marking a record at the time, notwithstanding the Chinese lockdowns.
“Don’t miss out! Grab your free shares of Webull UK today!”
Financial Peaks and Strategic Considerations
Dawson said revenue reached a record £29.1 million while operating profits fell to £1.7 million the following year. The company distributed a dividend of £1.5 million, of which the Hearn family was a shareholder. The cost of a redesign, app development, and a new website exceeded £300,000.
The World Snooker Championship will distribute £20 million in prize money in 2025-26, up from £14 million this year.
According to Dawson, the directors of Matchroom are “still considering our options” following last year’s failure to negotiate with the private equity firm CVC to acquire a minority stake.
