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Wimbledon Predicted Coronavirus Cancellation 17 Years Ago

Wimbledon Better Prepared For Covid-19 Through Its Pandemic Insurance

With COVID-19 disrupting major global sporting events, a ‘pandemic insurance’ may have helped Wimbledon prepare better for the Coronavirus outbreak than most others.

Following the COVID-19 pandemic, the sporting World has grounded to a halt. A number of global sporting events have been cancelled or postponed due to the pandemic. The postponement of the Tokyo Olympic Games 2020 came in as a big shock for the fans. If this wasn’t enough, the cancellation of 2020 edition of Wimbledonfirst time since the second World War – made the fans bewildered. However, owing to an extensive insurance policy that guards it against any pandemic, Wimbledon may have been better prepared for COVID-19 than most others.

Video Credits: Sky News

Highlights! Was Wimbledon well prepared to tackle the COVID-19 pandemic?

  • A ‘pandemic insurance’ helps Wimbledon deal with its 2020 event cancellation due to COVID-19.
  • Most of the sporting organizations are currently relying on “force majeure” clause.
  • Wimbledon’s decision offers a learning lesson for other sporting organizations.
  • Has COVID-19 now put French Open and the US Open in danger?

Wimbledon’s ‘pandemic insurance’ comes handy

Wimbledon had reportedly been paying $2 million a year since last 17 years. This investment was a part of something called as ‘pandemic insurance’. Hence, with the COVID-19 crisis affecting the world, the annual tennis championship has been cancelled altogether.

Wimbledon reportedly paid $2 million a year for pandemic insurance for the last 17 years
(Total: $34 Million)
For this year's cancellation as a result of the Coronavirus, Wimbledon will reportedly receive $141 million from the policy.

— Darren Rovell (@darrenrovell) April 8, 2020

In a situation when most of the sporting events are getting rescheduled, the cancellation of Wimbledon was possible only because of its pandemic insurance. According to Darren Rovell, a Sports business reporter with Action Network, for this year’s cancellation due to the coronavirus pandemic, Wimbledon will be receiving $141 from this policy.

So, it’s
quite evident that Wimbledon had a clear plan for COVID-19. Rather they had a
backup plan for some kind of catastrophic emergency that would force the
world’s most prestigious tennis tournament into cancellation.

It’s Advantage Wimbledon

The All-England Lawn Tennis Club (AELTC), a private club that provides venue for the Wimbledon championships, mentioned about the insurance policy while announcing the entire cancellation of the event last week. The decision was quite well timed given that the organization would be receiving a decent payout to recover the losses for doing so.

So, with
an impressive return of $141 million for $34 million invested in last 17 years,
it’s certainly Advantage Wimbledon.

It is with great regret that the AELTC has today decided that The Championships 2020 will be cancelled due to public health concerns linked to the coronavirus epidemic.
The 134th Championships will instead be staged from 28 June to 11 July 2021.https://t.co/c0QV2ymGAt

— Wimbledon (@Wimbledon) April 1, 2020

The
AELTC’s Risk and Finance sub-committee have insisted Wimbledon on having such
an insurance policy for the last few years. With the tournament generating
revenue through sponsorships, ticket sales and broadcasting rights, the
long-standing decision by Wimbledon looks set to pay dividends now. The refunds
for sold tickets and television rights will be easily covered under this
policy.

Other
sporting organizations relying on “force majeure”

Besides Wimbledon, the Royal and Ancient Golf Club at St. Andrews is another sporting organization that has a pandemic clause in the contract. Such a clause includes coverage on the death of Queen, terrorist attacks, floods or hurricanes, or in case a global crisis leads to suspension of all sporting events; such as the CVOID-19 case currently.

Royal And Ancient Golf Club Pandemic Insurance
Besides Wimbledon, the Royal and Ancient Golf Club is another sporting organization that has a pandemic clause in the contract. | Sports | Others | DKODING | Image Credits: Flickr

While these leading British sports organizations are covered under such a clause, most of the sports organizations are not on the same boat. According to Darren Rovell, most of these organizations rely on something called “force majeure”, a French term for “superior force”.

Such a clause covers organizations in the event of an unexpected act of God or nature – pandemics are often neglected since they aren’t common. Hence, everyone having such a clause may not necessarily benefit.

Related:

Watch: Novak Djokovic Tries His Hand At Frying Pan TennisWatch: Novak Djokovic Tries His Hand At Frying Pan Tennis

Is
French Open 2020 also in danger?

With Wimbledon 2020 getting cancelled, the chances of Novak Djokovic and Simona Halep defending their singles titles have all but crashed. But will Rafael Nadal and Ashleigh Barty be able to defend their French Open titles?

French Open, another prestigious tennis tournament, has unexpectedly shifted its start date from May to late September. The decision comes as a precaution against the pandemic. However, it hasn’t been well received by the fans and players.

With so many tournaments either cancelled or up in the air at this point, the French Open has given us some hope by making a rescheduling decision.#RolandGarros https://t.co/jfT92IY3lN

— Tennis Channel (@TennisChannel) March 19, 2020

Explaining the shift in dates, Lionel Maltese, finance chief of French Tennis Federation, has said that a failure in conducting the event will be a ‘catastrophe’ for the grass root game it supports and cause of loss of 260 million Euros to the organizers.

A
lesson for other sporting organizations

The
‘pandemic insurance’ adopted by Wimbledon is an eye-opener for other major
sporting organizations across the world. If something less likely to occur has
an ever-lasting impact, it just can’t be neglected. It’s a lesson for French
Open and the US Open to be held later this year.

Now with the actual financial consequences of such an event being clear, the risk for organizations not to opt for an insurance would just be too great.

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The post Wimbledon Predicted Coronavirus Cancellation 17 Years Ago appeared first on DKODING.

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