Pandemic insurance will allow Wimbledon to recoup $141m after 20-year cover

According to reports, the All England Club stands to make 141 million dollars for the cancellation of Wimbledon 2020, thanks to a 17-year-old insurance cover.

Wimbledon, the only grass court Grand Slam, has been cancelled due to the coronavirus pandemic. However, it was a gamble that paid off well for the Wimbledon organisers, as they are reportedly set to receive 141 million dollars in compensation as the cancellation was caused due to a deadly pandemic, says the Dailymail. 

According to the report, based on a tweet by sports business reporter Darren Rovell, the All England Club had opted for pandemic insurance after the SARS outbreak in 2003 and reportedly paid 2 million dollars a year for 17 years.

The total insurance premium paid before the cancellation of Wimbledon 2020 was 34 million dollars. However, the claim is set to be a whopping 141 million dollars.

The Daily Mail further reported that the claim will help Wimbledon to cover the loss of revenue, more than 325 million dollars, following the scrapping of the fortnight-long tournament.

On April 1, the Wimbledon scrapped the grass court Grand Slam for the first time since World War II as the coronavirus wreaked further havoc on the global sporting calendar.

Earlier, the clay court event, French Open, was postponed until September due to the COVID-19.

The cancellation of the only grass court major at the All England Club leaves the season in disarray, with no tennis due to be played until mid-July.

"Devastated," tweeted eight-time champion Roger Federer.

Wimbledon was due to run for two weeks from June 29, with Novak Djokovic and Simona Halep set to defend their singles titles.

And there are no reports showing that any football competitions have bought this kind of insurance across the world.