LTA earns profits after three years of losses!

Despite the crisis due to the spread of the Covid-19 global pandemic, the Lawn Tennis Association received a profit after three years of straight losses thanks to the 2019 Wimbledon edition. This once again underlines the incredible health of British Tennis, perhaps the only one which not feel the economic crisis due to the pandemic which is hitting other tournaments and other tennis federations across the globe.

According to the Guardian, Lawn Tennis Association claimed to have earned revenues of £8.7 million thanks to the 2019 Wimbledon edition, which ended with the epic final between Roger Federer and Novak Djokovic. An incredible success, obtained after three years of significant losses.

Each year Wimbledon pays a figure to LTA which corresponds approximately 60% of the total Lawn Tennis Association finances. The losses for the 2016-2018 three-year period were mainly due to the construction of the retractable roof on Court no. 1, which ended last year.

The crazy numbers of Wimbledon, which helped Lawn Tennis Assosation

With the construction of the roof and other huge investments in the pre-Wimbledon grass tournaments, the London Slam had been significantly reduced in its revenues and, therefore, also the amount to be paid to the LTA was lower.

However, the project worked perfectly and the economic administration of the All England Club gave a new proof of foresight and virtuosity. Wimbledon, in its last edition recorded a gain of over £50 million, of which £8.7 million were destined for the Lawn Tennis Association. Total LTA income for 2019 was, therefore, £77 million.

Nonetheless, LTA used layoffs for about fifty of its employees, corresponding to about half of the staff, during the month of April. After the cancellation of Wimbledon 2020, the All England Club and therefore LTA will receive a rich refund due to the pandemic insurance that was signed up by the Championships board in 2003.

from Tennis World USA https://ift.tt/2XchE8v