LTA produces a profit | Tennis Threads Magazine

NEW

Women get their own ‘Battle of the Brits’

When the ‘Battle of the Brits’ was confirmed earlier this week, it made no provision for the women. This has now been rectified with the Progress Tour Women’s Championships to be played at the National Training Centre, Roehampton, the LTA’s headquarters, starting on...

Ticket Tout jailed

Wimbledon ticket tout, Luke McKay has received a six-month jail sentence after being caught by undercover agents trading in black market tickets for the 2019 Championships via Facebook

Players support #BlackOutTuesday campaign

Many top players have added their voices to the protests over the death of George Floyd, an unarmed African-American 46-year-old who died on 25 May in Minneapolis after being pinned beneath a white police officer’s knee for nearly nine minutes, plunging the country...

Limited Club tennis is back

Recreational tennis is back. Club members were allowed to play just singles as from a few weeks ago but now, as of the 1st June, they can resume their doubles partnerships and continue their rivalries with fellow members, all part of the Government’s easing of...

Federer champions mental health and tops Forbes rich list

Roger Federer has proven over the years to not only be a contender for the Greatest Of All Time accolade but also as a influential and effective leader, and now he is heading the annual Forbes list of the world’s highest-paid athletes for the first time when it was...

US Open contemplates logistics

The French Grand Slam, rescheduled for 20 September to 4 October, is expected to be further delayed to accommodate the US Open and Madrid and/or the Italian Championships in Rome, in order to allow players two weeks of clay court preparation ahead of Paris.

Paris fashion showcased in Prague

Petra Kvitova had a chance to debut the dress she would have worn at Roland Garros during the Czech Tennis President’s Cup at Sparta Prague tennis club, which was played from 26-28 May  featuring a field of 8 Czech WTA players.

Murray and LTA get tennis back on court in UK

Tennis is starting to stir back to life as the Covid-19 pandemic grip is slowly running its course and while we all still await news of the actual tours resuming, the Lawn Tennis Association (LTA) has announced that they will be staging four tournaments under the...

Kvitova against closed door majors

Petra Kvitova said yesterday that she didn’t like the idea of majors being played behind closed doors which is what the Covid-19 pandemic is threatening.

Djokovic has been practising, in secret

Novak Djokovic has been keeping his eye on the ball over these past two months, practising every day on a private court in Marbella with his brother, Marco, as the coronavirus pandemic prevented him from returning to his homeland, but he kept his training quiet so as...
Tennis News, Tennis Results, Live Tennis Scores & Interviews

LTA produces a profit

The LTA has just published it its annual accounts and showed a profit of £8.7 million as against the previous year’s £6.3 million losses.

Our responsibility is to protect the long term growth and future of the sport in Britain and our reserves in isolation, can only support the short term needs of the sport at this time. LTA spokesperson

It includes the substantial £45.7 million payment received from the All England Club as part of the agreement between the Club and Governing body, which pays out 90% of what is called a ‘surplus’ from the annual Championships.

The agreement is set to run as long as 2053 to ensure the LTA will always have a secure income stream.

In addition the AELTC contribute funds to maintain the grass court events leading up to The Championships suitable warm up tournaments for Wimbledon amounting to £6.4 million.

The LTA Reserves now stand at some £75 million and has led to the association being criticised for ‘furloughing’ some 50% of its staff thereby calling on taxpayer to fund 80% of their salaries during the coronavirus pandemic.

In defence of their actions, an LTA spokesperson told The Metro: “Whilst the LTA delivered a profit for 2019, the current outlook for 2020 and beyond will be very different due to the financial impact of the current pandemic.

“Our responsibility is to protect the long term growth and future of the sport in Britain and our reserves in isolation, can only support the short term needs of the sport at this time.

“The Government furlough scheme is an essential measure to assist organisations, including the LTA, manage such cash flow constraints and to safeguard jobs in the future.”

That was fully supported by Toby Perkins, the Labour MP for Chesterfield, who is chair of an all-party parliamentary tennis group.

“The furlough scheme is there to help organisations who have staff who would otherwise be laid off and are not in a position to work,” he said

“Whilst there was a significant operating profit last year, tennis players and fans want to see that money being invested in Tennis and I anticipate that there will be a huge loss to the LTA from all of the events cancelled in 2020.

“In that light, the LTA should take steps to ensure that there will be money to invest in the sport beyond COVID.

“If that investment is preserved by utilising schemes that the government put in place to help businesses and organisations to weather the COVID storm I don’t have an issue with that.

“I don’t have sight of which posts have been furloughed so I can’t specifically comment on that, but I do think it is legitimate for an organisation like the LTA to utilise it.”

While the LTA can be proud of turning a profit for 2019, the likelihood of that being repeated in the coming years is unlikely even though the AELTC has insured itself against a pandemic which will soften the losses they will incur following cancellation of Wimbledon and its lead up events which will obviously impact on the next ‘surplus’ figure.

“The impact of the Covid-19 pandemic presents a business risk,” the LTA commented in its Finance and Governance Report.

“However the LTA maintains adequate cash balances and reserves to mitigate the potential short-term financial impact of this risk.”

At present the LTA are considering reviving the British National Championships for men, women, juniors and wheelchair players when the lockdown is eased and the Government allows competitive events back, which is not expected before July 31.






Previous

Next

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.