Wimbledon Announces Record Profit In 2012, Plans To Invest Money Back Into Sports
The Lawn Tennis Association said that last summer's Wimbledon Championships "saw profits jump by 7% to record levels," according to the BBC. The LTA said that the tournament's profits this year were £37.8M ($70M). The organization will invest the surplus "back into British tennis." It spent £12.3M ($19.8M) in the past year "investing in developing British tennis players" and more than £17M ($27M) on "encouraging people to take up the sport" (BBC, 12/13). ESPN STAR Sports reported the "combined income of the LTA and the Tennis Foundation" stood at £65.6M ($1.1B) for the year through September, up from £63.2M in the previous 12 months. Its "combined expenditure" stood at £66.5M ($1.1B), a rise of £3.9M ($6.2M) (ESS, 12/13). BLOOMBERG's Danielle Rossingh reported Wimbledon has seen its profit rise 47% since '08 (BLOOMBERG, 12/13). Alongside increasing profits, participation levels have also been on the up with a Sport England survey showing an 11% increase to 417,700 in the 16-and-up age group. The LTA also claims that growth from 51,900 to 58,400 in the number of juniors competing (LTA).