Wimbledon is reportedly set to receive $226 million after calling off this year’s championships due to the coronavirus pandemic. The All England Club had taken out an insurance policy 17 years ago which will help them significantly reduce the financial hit for cancelling year’s third Grand Slam tournament. Also Read - COVID-19: ATP Cancels Eight More Events, WTA Scraps Four as Tennis Tour Suspension Continues
Wimbledon won’t take place for the first time since the World War 2 and is expected to lost around $500 million in revenue. However, that will be offset thanks to the policy they took out in 2002 following the SARS outbreak. Also Read - Organising French Open 2020 Behind Closed Doors an Option, Says FFT President Bernard Giudicelli
“We’re fortunate to have the insurance and it helps,” Wimbledon chief executive Richard Lewis told The Guardian. “The insurers, the brokers and everybody involved have been excellent to work with so far, but there’s still a lot of work to do.” Also Read - Spanish Club Apologizes After They Mistakenly Allowed Novak Djokovic to Train Against COVID-19 Rules
Wimbledon has been paying $3.2 million a year since 2002 over the past seventeen years. It amounts to $54.4 million meaning they are set to earn a profit of around $171.6 million, without holding even a single match.
As per reports, the policy also comes into effect in case of events including death of a monarch, terrorist attack, and a global health crisis.
Outgoing All England Club chief executive Richard Lewis had said the policy will only help in softening the financial blow. ‘The insurance will help protect the surplus to an extent, I would say to a large extent,” Lewis had said last week. “Of course we’re fortunate to have the insurance and it helps, but it doesn’t solve all the problems. The details and the figure probably won’t be known for months.”