The tournament, which was announced during the Nitto ATP Finals in London, will be played across three Australian cities over ten days in the lead up to the Australian Open and will feature teams from 24 countries.
As well as cash, the ATP Cup, being run in conjunction with Tennis Australia, is offering up to 750 ranking points - a huge incentive for the players.
Obviously we have the Davis Cup, a historical team event, but now we have the ATP Cup that is definitely going to be right up there from a players' perspective.
Tiley said more than three Australian cities were bidding to stage the ATP Cup and that discussions were ongoing with the likes of Brisbane, which now stages a combined event in the same week as the ATP Cup, as well as the Hopman Cup, the ITF-sanctioned mixed team event held at the same time.
Marin Cilic said Friday that playing against some of the top players in the world at the ATP Finals had given him a boost ahead of next week's Davis Cup final against France.
The six-week gap between the ATP Cup and the Davis Cup was earlier this year labelled "insane" by Kermode, and on Wednesday Djokovic suggested it would result in "two average events". "The Davis Cup has incredibly rich history. I think having them too close together is an issue, but I can see that being resolved at some point". From that standpoint, I think there's not that much change, per se, or more tournaments on the calendar. "That's the issue. But I've said it before", Zverev, whose 55 match wins this year is more than any other player, told reporters.
The criteria for entry will be based on the ATP ranking of the number one singles player in the team.
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World No. 1 and President of the ATP Player Council Novak Djokovic was among the players who joined ATP Executive Chairman & President Chris Kermode and Craig Tiley, CEO of Tennis Australia, to reveal the details of the competition, which has been shaped through extensive consultation over several years with players, tournament organisers and sponsors.
The event can be seen as a direct-rival to the International Tennis Federation's new World Cup of Tennis, which has come after they agreed to radically reform the Davis Cup. The first week of the season is when the players want to play and that's why the tournament has their strong support.
"But there seems to be a fixation that the ATP Cup has caused the issue with the Davis Cup which is not the case".
"From what I've heard, different sides in this sport, they all want to have one event because it's over-saturated with different cups, different events". I think the dates are very important and I think none of the top players will play, except Rafa (Rafael Nadal) because it's in Spain.
"I don't think it's working very well, to be honest".
The ATP Cup will divide its teams into six groups of four, with eight of those earning a place in the knock-out stage.
16 de noviembre de 2018, 15:32London, Nov 16 (Prensa Latina) The Swiss professional tennis player Roger Federer, victor of 20 Grand Slam titles, on Friday supported the possibility of playing the Davis Cup in the first week of the year.