Lawn Tennis Association announce losses of £8.8m in 2018
Last Updated: 17/05/19 12:33pm
The Lawn Tennis Association (LTA) have announced they made losses of £8.8m during 2018.
Losses more than doubled from £3.6m in 2017 despite an increase in revenue to £64.5m, the governing body's annual report shows.
The LTA had described a report in November that forecast losses of up to £7.5m as "wildly inaccurate" and cited a net loss on their investment portfolio of £3.6m for the unexpectedly-high figure.
The end of the LTA's lucrative sponsorship deal with Aegon contributed to a big fall in commercial income, while the accounts show a small increase in high-performance funding and decrease in participation under the leadership of chief executive Scott Lloyd.
Lloyd's first full year in the post saw him receive an overall financial package of £421,000.
Losses came despite revenue from Wimbledon of £40.8m, up by more than £7m from 2017.
The LTA is guaranteed 90 per cent of Wimbledon revenues until 2053 and the governing body remains in a healthy financial position despite the shortfall, with total equity of £161.4m.