Wimbledon reportedly set to recoup $141 million in potential losses thanks to 'pandemic insurance' that the tournament has been paying for years
- Wimbledon has been canceled for the first time since World War II due to concerns over the coronavirus pandemic.
- While the tournament will not go on, the hosts of the tournament were prepared for the worst, as the All England Lawn Tennis and Croquet Club reportedly had pandemic coverage built into their insurance plan for nearly two decades.
- According to reports, the policy could pay off in a big way this year — as much as $141 million — helping to mitigate the huge financial losses.
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The coronavirus pandemic has rocked the sports world over the past four weeks, forcing leagues and major events to postpone or outright cancel in an effort to slow the spread of COVID-19.
The 2020 Summer Olympics have been postponed to 2021, the NBA, MLB, and NHL seasons have been suspended until further notice, and the Premier League season hangs in limbo with Liverpool just a few points away from claiming their first title since 1990.
In one of the biggest moves of the sports year yet, All England Lawn Tennis and Croquet Club announced on April 1st that this year's Wimbledon would be canceled — the first time the tournament had been called off since World War II.
But while Wimbledon won't be back until 2021, the All England Club will be able to mitigate much of their projected financial losses thanks to an insurance decision that is set to pay off in a big way.
According to the Action Network's Darren Rovell, the All England Club had paid for a specific "pandemic insurance" to the tune of $2 million per year for the past 17 years. This year, the policy could help the All England Club recoup $141 million in losses caused by the tournament's sudden cancellation.
Rovell also reports that The Royal & Ancient Golf Club of St. Andrews, scheduled to host this year's Open Championship, also has a similar insurance clause, possibly helping ease the decision to cancel the golf tournament this year.
In both tennis and golf, other major tournaments have opted for postponement, hoping that they can still be played later in the year.
Should the coronavirus pandemic continue to keep the sports world on pause through the fall, it's likely that many more tough decisions with huge financial ramifications will have to be made. But for Wimbledon and The Open, overpreparing for disaster clearly paid off.
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