"The reason we changed the formula is that the old format didn't work," Haggerty said, adding the ITF is "very excited with the format we have."

In 2023 16 teams are expected to contest the group phase in four cities with matches scheduled for September 12 to 17.

Eight teams then advance to the knockout phase in Malaga.

When the Davis Cup was founded in 1900 by the American Dwight Davis, matches throughout the tournament were played on a home and away basis.

"If you go back to the old format, the problem was that the players would have to commit four weeks a year to play," Haggerty explained.

"They wouldn't know where they were playing, they wouldn't know the weeks they were playing and they didn't know who their opponents were."

The ITF had originally signed with Kosmos to manage the tournament for 25 years with a promised investment of $3 billion (£2.49 billion/€2.81 billion).

Kosmos introduced an end of season competition which was staged for the first time in 2019 in Madrid.

The COVID-19 pandemic forced the cancellation of the event in 2020.

In 2021 group stages and quarter-finals were played in Innsbruck, Turin and Madrid before the semi-finals and finals were held in Madrid.

Last year, group matches were held in five cities before the knockout phase was completed in Malaga, where Canada won the competition for the first time by defeating Australia.

The deal with Kosmos was ended last month.

"The ITF has ensured that financial contingencies are in place and as the custodian of the competition will operated the qualifiers and finals as scheduled," an ITF statement said.

"We are focused on the future growth of the largest annual team competition in sport."