Wimbledon Championships and Other British Tennis Events to Reduce their Finances
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LONDON – JUNE 24: Flowers show the Wimbledon logo during previews for the Wimbledon Lawn Tennis Championships at the All England Lawn Tennis and Croquet Club on June 24, 2007 in London, England. (Photo by Julian Finney/Getty Images)
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.
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“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.
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British Tennis wants Wimbledon and Queen’s Championships to take place next year at any cost
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Roger Federer of Switzerland shakes hands with Rafael Nadal of Spain after defeating him in the Men’s Singles Semi-Final at The Wimbledon Lawn Tennis Championship at the All England Lawn and Tennis Club at Wimbledon on July 12, 2019, in London, England. (Photo by Simon Bruty/Anychance/Getty Images)
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.
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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.
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“Number One Priority”: Wimbledon Championships 2021 Update Staging Scenarios
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