LTA to Sell 50 Per Cent Stake in Wimbledon

Britain's Lawn Tennis Association (LTA) look set to sell their 50 per cent stake in the Wimbledon tennis site to the All England Lawn Tennis and Croquet Club (AELTC) subject to a general meeting next month.
The capital gained from the deal would be used by the LTA to improve British Tennis, as part of the renewal of their existing agreement.
Both parties agreed that the LTA would benefit from the certainty of receiving 90 per cent of any financial surplus from The Championships until at least 2053.
AELTC Chairman, Tim Phillips said: "This proposed new agreement benefits both The Championships and the development of tennis in Britain for the next 40 years."
The AELTC gave the 50 per cent stake to the LTA in very different times (1934) but the new deal would see the AELTC regain full ownership and control of the site.
LTA President, Stuart Smith said: "If accepted by our two organisations, it will ensure that The Championships will continue to make a significant contribution to the development of tennis for many years to come – from the grass roots to the elite."
The AELTC and a council meeting of the LTA will take place on 10th December and if approved the deal would come into effect on 1st August 2013.