The award was disclosed in the ITF's newly-published 2022 accounts.

It contributed to a sharp increase in the body's annual revenues to above pre-COVID levels.

In spite of this, the organisation reported a total comprehensive loss for the year of $4.2 million (£3.3 million/€3.8 million), down from $7.9 million (£6.15 million/€7.1 million), partly because of a $4.7 million (£3.7 million/€4.2 million) negative return from its investment portfolio.

News of the award will come as a reminder to prospective sports-event hosts that late decisions to withdraw may carry a financial penalty.

This week has seen the Australian state of Victoria surprisingly scrap plans to host the 2026 Commonwealth Games.

When cancellation of the ITF’s agreement with Budapest was confirmed in May 2021, David Haggerty, ITF President, said: "After working together in good faith for the past year, we were surprised and disappointed to be informed that the [Hungarian Tennis Association] no longer considers it possible to hold the event in Budapest.

"Given the timing, the ITF has been left with no other option than to end the hosting agreement with Hungary and explore an alternative solution."

Because of COVID, the competition ended up being stretched over two years, with the finals held eventually in November 2021 in Prague.

The ITF said a year ago that the pandemic had cost it more than $75 million (£58.4 million/€67.4 million) in revenues over two years.

The organisation has also had to recalibrate arrangements for its men's team competition, the Davis Cup.

This followed the ending earlier this year of a long-term partnership with Kosmos Tennis that had been set to run for 25 years.

According to René Stammbach, chairman of the ITF’s Finance and Audit Committee, a sum of $25.4 million (£19.8 million/€22.8 million), held in lieu of guarantees from Kosmos, as security against default or termination, has now been transferred from restricted cash to cash at bank and in hand.

In March, the ITF named a Barcelona-based sports agency called Tennium as event delivery partner for this year’s Davis Cup Finals matches in Spain.

Haggerty, an International Olympic Committee member, is facing a challenge to his eight-year Presidency from Dietloff von Arnim, a German tennis official.

A vote is scheduled for September 24 in Mexico.

According to the new accounts, the ITF’s 2022 income totalled $98.3 million (£76.5 million/€88.5 million), up from $66.6 million (£51.8 million/€59.9 million) a year earlier.

Professional tennis absorbed more than $61 million (£47.5 million/€54.8 million) of expenses, with some $12 million (£9.3 million/€10.8 million) spent on development.

Year-end equity stood at $40.2 million (£31.3 million/€36.1 million), down from $44.4 million (£34.5 million/€39.9 million).

The ITF had served notice that a range of potential outcomes were possible from the Court of Arbitration for Sport hearing on Budapest.

These outcomes were said to include "a contingent liability up to a maximum of $8 million (£6.2 million/€7.2 million) and a contingent asset up to a maximum of $52 million (£40.5 million/€46.75 million)".

The new accounts state that $8 million of the sum awarded had already been received.

This left $12.6 million (£9.8 million/€11.3 million), including interest for late payment, to be included in 2022 income.