Wimbledon 2020: insurance compensation ready!



by   |  VIEW 3460

Wimbledon 2020: insurance compensation ready!

It seems absurd to think which something good can come back even when it comes to a pandemic, but at the All England Club of Wimbledon someone will have thought so. And the reason is all in the maxi compensation that the most important tennis tournament of the year will receive from the insurance company Lawn Tennis Association: 174 million pounds.

The figure, far higher than the original estimates, is contained in the annual report of the club, seen by Sportsmail. When the tournament was canceled in April, at the height of the Covid crisis, it emerged that Wimbledon would be written off by insurance that had a specific pandemic clause.

It was initially thought that this would involve a payment of just over £ 100 million, but after months of negotiations it has proved to be a huge underestimation. Given that sources say insurance costs around £ 1.5 million a year, the maintenance of the policy by the club's finance subcommittee seems like one of the most solid moves in the institution's history.

Sportsmail has revealed that the annual LTA subsidy this year is expected to reach just under £ 36 million. It dropped from £ 45 million last time, but it remains a sizable sum

Wimbledon and the distribution of money to tennis players

Earlier this week, the national governing body spoke of speculation over the Wimbledon situation by announcing a £ 30 million loss for the year on its businesses, as well as restrictive measures.

According to the report from the All England Club, by 15 October this year they had negotiated a figure of 174 million pounds with insurers. The latest reports filed by Wimbledon show that their revenues from the 2019 Champioships - when Novak Djokovic won the men's singles title - amounted to £ 292 million, more than half of which came from broadcast deals.

The cancellation of the tournament this year - for the first time since the war - saved a lot of expenses, from paying the entire prize pool to hiring thousands of temporary staff. However, players have already benefited from the event's foresight in having insurance.

The safety net meant that in July the All England Club was able to make a solidarity payment of £ 10 million to participants, with £ 25,000 going to each player on the main draw. Unusually among sporting entities, Wimbledon first established pandemic insurance in 2003 following the outbreak of SARS and has since kept it at an estimated total cost of £ 25m to the insurance industry.