Wimbledon secures finance for second roof to keep away summer rain

Wimbledon will have a second retractable roof to keep away the summer rain by 2019 as the All England Club revealed on Tuesday it has secured a required £175 million loan.

Published: 15th August 2017 07:39 PM  |   Last Updated: 15th August 2017 07:39 PM   |  A+A-

Image used for representational purpose only

By AFP

LONDON: Wimbledon will have a second retractable roof to keep away the summer rain by 2019 as the All England Club revealed on Tuesday it has secured a required £175 million loan.

The venue's second show court -- Court One -- will also see its capacity increased from 11,500 to 12,400 in the construction work.

"In September 2016, the company extended the £175 million loan with HSBC to July 31, 2023 to finance the Number One Court project and aspect of the Master Plan," the All England Club's annual report says.

"The loan is secured on the grounds at Church Road."

The decision to have two courts with the ability to be covered puts Wimbledon ahead of the venues hosting the US and French Opens and one behind Melbourne Park, which hosts the Australian Open.

Of the loan, £71 million (78m euros, $91m) will be spent on the roof and increased capacity.

The loan will also be used to fund more clay and covered hard courts, alongside the grass ones, which forms part of Wimbledon's 'Master Plan'.

Wimbledon makes £125 million over five years from debenture seat sales and this profit will be used to pay off the loan, with extra income from TV rights, general ticket sales and sponsorship.

The All England Club, which made a £33.2 million profit last year, paid off a £75 million loan in 2015 that funded the first part of the 'Master Plan', including the Centre Court roof.

Stay up to date on all the latest Tennis news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp