Australian Open 2021 – Tennis Australia Financial Setback: Tennis Australia sustained a net loss of more than $70 million in the 15 months around this year’s delayed — and COVID-19-affected — Australian Open, the body’s 2020-21 annual report showed – Follow Australian Open LIVE Updates on InsideSport.IN
Australian Open 2021: Big financial setback for Australian Open organizers, balance sheet shows net lost of $70Million
Why did Tennis Australia lost so much? The cost of flying players from around the world to Melbourne and quarantining them for two weeks in hotels put a huge financial burden on the organisers of the Grand Slam tournament.
Restricted crowds as well as a snap lockdown which kept fans out of the Melbourne Park precinct altogether for five days limited the opportunities to mitigate the losses through ticket sales and other on-site revenue generators.
The accounts showed Tennis Australia recorded a net loss of A$100.02 million (USD 70Mn) from July 30, 2020 to Sept. 30 this year.
Key points – Financial Setback for Tennis Australia
- Tennis Australia emptied its cash reserves of $80 million and took a loan of $40 million due to the impact of COVID-19 on the Australian Open
- TA’s latest annual report showed a net loss of $100.02 million from June 30, 2020 to September 30, 2021
- Next year’s Australian Open, scheduled for January 17-30, will have full capacity on stadium courts
The price of flying gamers from world wide to Melbourne and quarantining them for 2 weeks in resorts put an enormous monetary burden on the organisers of the Grand Slam match.
Restricted crowds in addition to a snap lockdown which saved followers out of the Melbourne Park precinct altogether for 5 days restricted the alternatives to mitigate the losses by way of ticket gross sales and different on-site income turbines.
Australian Open 2021: The tournament will return to its usual January slot after being put back to February last year, while all the stadium courts will be able to hold their full capacity.
Players and officials who have been vaccinated will be allowed to fly into Australia and compete without any quarantine requirement.