In some big news, British tennis has decided to reduce £30million from its revenue. The decision came after the coronavirus pandemic canceled all its major events which include the Wimbledon 2020 and the Queen’s championships. There has also been a 40% loss in the LTA’s (Lawn Tennis Association) income due to the pandemic.
Right now, in order to minimize the losses, the All England Club is trying to claim insurance for the cancellation of the events. Addressing all the financial matters, Scott Llyod, the Chief Executive of the LTA, addressed the press today.
“Given the significant range in financial implications within these scenarios, it is our responsibility to plan very carefully and continue to take a prudent approach,” claimed Scott Lloyd.
As of now, there is no certainty of getting the vaccine for the virus by the next year. Thus, there is a concern over the possibility of the tournament in the upcoming year as well.
However, LTA has already planned and taken care of it. It has managed to reserve a £15 million overdraft facility for future events.
Despite suffering losses this year, British Tennis wants its major events to take place in 2021 with or without fans. However, Lloyd mentioned the challenges that would be there to organize the events.
“We also have to bear in mind that whatever form the events go ahead in, it is likely the economic outlook will remain difficult. The market for sponsorship and hospitality will remain depressed for a number of years,” added the LTP Chief Executive.
The economic aspect is certainly an area that will act as an obstacle. Moreover, reports claim that the LTA has even fired or removed some employees as they didn’t have the funds to pay them.
After successful completion of the US Open and French Open 2020, Wimbledon 2021 will surely take place. However, British Tennis needs to lay a solid plan to host the tournaments at the time of such a crisis.