LTA plans to sell back its stake in home of Wimbledon 20/11/2008 |
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Britain's Lawn Tennis Association (LTA) plans to sell back its 50 percent stake in the site of the Wimbledon championships to The All England Club (AELTC), the organisations said in a joint statement on Wednesday.
The deal, subject to approval by both parties, is part of the extension of their co-operation agreement until 2053.
The AELTC originally gave the 50 percent shareholding to the LTA in 1934 and the new arrangement will release capital for the LTA to invest in the development of British tennis.
Also, the LTA will receive 90 percent of any distributable financial surplus from the Wimbledon Championships.
"This benefits both the Championships and the development of tennis in Britain for the next 40 years," Tim Phillips, chairman of the All England Club, said in a statement.
"We want the sport to flourish here and the LTA have exciting plans to widen the appeal of this most healthy of sports in this country."
LTA President Stuart Smith said: "This agreement is very good news for British Tennis, the All England Club and the world's premier tennis event.
"If accepted by our two organisations, it will ensure that the Championships will continue to make a significant contribution to the development of tennis for many years to come - from the grassroots to elite.
"The long-term stability of this agreement provides a foundation for us to continue in our efforts to boost income from other sources, necessary to grow the sport, increase success and build facilities across the country."
The new agreement is subject to approvals at a Special General Meeting of the AELTC and a Council Meeting of the LTA, both due to be held on Dec 10 and if approved will come into effect on in August 2013.
(Source: Reuters)
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