Wimbledon’s cancellation due to the COVID-19 pandemic this year will have no major financial impact on British tennis, outgoing All England club Chief Executive Richard Lewis has declared. But 2021 can be different. Reason, in the current climate no one is ready to give insurance cover to Wimbledon for the 2021 season. Yes, Wimbledon 2021 will not have insurance cover in place next year.
No Insurance Cover for Wimbledon in 2021
“That’s impossible in the current climate,” said Lewis. “When I started in 2012, there were some signs that things were not insurable, because of communicable diseases that had taken place, like Sars and swine flu.
“In the immediate aftermath you can’t get insurance but fairly soon after that you can start to get insurance again, the market returns. So there won’t be insurance next year.
“But just because we’ve made one claim, it won’t affect us in the long term.”
This means, Wimbledon, which draws some of the world’s biggest tennis stars, celebrities and tennis fans to London’s SW19 each year, generates revenues in the range of $300-$325 million from the ticket sales, broadcasting rights, sponsorships – will be without a insurance cover for the 2021 season.
Despite of Wimbledon 2020 cancellation, AELTC covered, because of $141 Million insurance cover
The grass-court Grand Slam was scheduled to start on Monday but was cancelled for the first time since World War Two in April. Despite that the All England Lawn Tennis Club (AELTC) is in good financial health, reason they were covered under the insurance cover. The wimbledon organizers are set to receive a $141 million payout thanks to the coronavirus pandemic insurance policy it has paid a total of $34 million for, over the last 17 years. That is the reason, none of its spending plans for the future is getting curtailed.
“It won’t be severely impacted. If you have to cancel, it’s great to have insurance,” Lewis, who will step down as the CEO next month, told British media. “We’re still in a very good position, we’re financially very stable. British tennis is going to be pretty well protected.”
But the concerns will remain over the pandemic as well as the lack of insurance cover for Wimbledon 2021.