Wimbledon to Receive $141 million From Insurance Policy Subsequent To Cancellation

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Thursday, April 09, 2020   / 01:37PM / By Andrew Reid of Yahoo Sports / Header Image Credit: Sports4Pro

 

"Wimbledon reportedly paid $2 million a year for pandemic insurance for the last 17 years (Total: $34 Million). For this year's cancellation as a result of the Coronavirus, Wimbledon will reportedly receive $141 million from the policy"

 

An extraordinary sense of foresight looks to have benefited Wimbledon to the tune of more than $200 million, following the cancellation of the 2020 event due to the COVID-19 pandemic.

 

The tennis world was shocked and saddened when officials announced last week that Wimbledon was officially scrapped for 2020 due to the global crisis.

 

Rather than lose somewhere in the vicinity of half a billion dollars due to the cancellation of the 2020 tournament, Wimbledon looks set to recoup a massive chunk of those losses.

 

 

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American sports reporter Darren Rovell says the All England Club was insured in case of a pandemic, and will receiive around $141 million ($A226 million) due to his year's cancellation.

 

The venue had paid $2 million a year ($A3.2m) over the last 17 years in pandemic insurance, meaning it will reportedly reap the benefits now, thanks to that policy.

 

It could explain why organisers decided to cancel the 2020 event, rather than postponing it.

By cancelling, the event could collect the insurance money. Had Wimbledon only postponed the 2020 tournament, it would not have been eligible to collect that money.

 

While that's a massive amount of money, it represents a loss for Wimbledon. Had the event proceeded as normal, Wimbledon was expected to make around 250 million Euros - about A$496,000 million - in revenue.

 

The All England Club last week explained the reasons why Wimbledon was cancelled for the first time since World War II and not postponed, as was the case with the French Open.

 


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They've spent a significant amount of time considering the impact the UK's public health restrictions will have on preparations, which began in April and would've continued right up through the June 29 start date.

 

In the end, due to the risk for personnel and the lack of available supplies, they decided that cancellation was the only option.

 

"These considerations are particularly related to the concerns brought about by mass gatherings and the strain on the medical and emergency services, as well as movement and travel restrictions both within the UK and around the world," the Wimbledon statement read.

 

 

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"With the likelihood that the Government's measures will continue for many months, it is our view that we must act responsibly to protect the large numbers of people required to prepare The Championships from being at risk - from the training of ball boys and girls to thousands of officials, line judges, stewards, players, suppliers, media and contractors who convene on the AELTC Grounds - and equally to consider that the people, supplies and services legally required to stage The Championships would not be available at any point this summer, thus ruling out postponement."

 

 

Credits

The post The $226 million masterstroke behind Wimbledon's shock cancellation first appeared in YahooSports Australia on Wednesday, April 08, 2020

 

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