Tennis Australia annual reports shows over AU$100M loss for FY20-21

December 03, 2021 09:13 PM AEDT | By Sonal Goyal

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Tennis Australia annual reports shows over AU$100M loss for FY20-21 — Image source: © Christineg | Megapixl.com

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Highlights

Tennis Australia faced the loss of AU$100 million, as indicated in the 2021 annual report of the body.

COVID-19 is the primary reason behind the loss.

Tennis Australia's cash reserves of $80 million were depleted.

Like the rest of the world, Tennis was forced to adapt to quickly changing circumstances because of the global pandemic. Due to restrictions and border closures, tournaments were postponed or cancelled. At times, the sport itself came to a halt for players, clubs, and coaches.

In its annual Tennis Australia report of 2020-2021, Tennis Australia faced a loss of over AU$100 million in the last 15 months. COVID-19 is the primary reason for such a huge loss.

The financial burden is created due to the cost of bringing the global players to Melbourne and bearing the cost of quarantining the players for two weeks. In addition, the organisers could not overcome the losses by the sale of tickets and other revenue generators as the crowd was restricted and fans were not allowed to enter the Melbourne park.

Tennis Australia's cash reserves of $80 million were depleted, so the governing body took out a $40 million loan to enable them to get to the next tournament.

A sign of relief can be observed among the internal and external Australian board as the COVID-19 vaccination has ramped up across Australia. It is expected that the 2022 Australian Open won’t be affected by the COVID-19 restrictions. The stadium court will operate at its full capacity from January. The vaccinated officials and players will enter Australia and won’t be quarantined for two weeks.

Bottom Line

The quarterly report of Tennis Australia will be on watch as it expects to cover the losses in the 2022 January tournament.

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