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Wimbledon to receive £114m in compensation for cancelling this year’s tournament

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 Wimbledon to receive £114m in compensation for cancelling this year's tournament

Wimbledon is reportedly set to net £114million after canceling this year’s tournament due to the coronavirus pandemic.

The All England Club took out pandemic insurance in 2003 following the SARS outbreak, into which they have been paying £1.6m every year, according to Action Network.

The claim will help to cover the £250m plus loss of revenue after the coronavirus outbreak wiped out the fortnight-long tournament, which was set to start in June.

It is the first time since the Second World War that the SW19 Grand Slam tournament is not going ahead as planned.

Also read: Wimbledon 2020 cancelled for the first time since World War II due to the Coronavirus pandemic

Wimbledon was set to bring in around £250m in revenue for the grasscourt Grand Slam.

Figures from 2018 showed that The Championships had an annual turnover of £254.8m. There will, inevitably, be some financial hit from the annulment, such as a dip in merchandising and food revenue.

All England Club bosses made the tough call to abandon the third Grand Slam in the calendar entirely, a marked shift from the decision made by the French Open to hastily rearrange to late September, just a week after the US Open in New York ends.

Outgoing chief executive Richard Lewis last week warned that, despite the good insurance policy, Wimbledon would sustain a financial hit, although the knock-on effect for British tennis would be limited.

‘The insurance will help protect the surplus to an extent, I would say to a large extent,’ he said. ‘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.’

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