WINNING

The winners of Wimbledon are getting more prize money because of Brexit

Obsession
Business of Sport
Obsession
Business of Sport

The British pound’s sharp fall after the UK voted to leave the European Union has meant higher prices for everything from groceries to gadgets, resulting in de facto wage cuts for the average British worker. But at least two people working in England won’t get a pay cut this year—the winners of Wimbledon.

To counter the pound’s post-Brexit fall in value, the All England Lawn Tennis Club is poised to announce the prize money for this year’s tennis tournament in south-west London will be significantly higher than previous years, The Times reported (paywall). This year, the club is expected to announce the top prize for both male and female players at £2.25 million, a 12.5% increase from last year, to maintain its US dollar value.

In 2016, the tournament took place soon after the referendum on Brexit sent the pound spiralling against the dollar, and on the day of the match, the £2 million each that Wimbledon champions Andy Murray and Serena Williams would eventually win was worth $2.6 million–$380,000 less than it would have been before the vote. Since then, the UK has formally notified the EU it will leave.

If Murray or any other Brit wins again this year, they would just be getting a hefty jump in earnings as there’s no need for them to convert the money to another currency. “The All England Lawn Tennis Club always takes into account the business and economic context of tennis worldwide, including any currency fluctuations, when determining prize money for each year’s championships,” said a spokeswoman for Wimbledon told The Times.

At least this way, the storied championship will not feel the need to relocate or open a foreign outpost.

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