Wimbledon is likely to increase the prize money for the upcoming tournament in light of the pound’s depreciating value following the Brexit vote, The Times reported.
In 2016, winners Andy Murray and Serena Williams had taken home £2 million apiece. The total prize money was £28 million. Last year, the prize money has seen a rise of 6.4 per cent on 2015’’s tally.
Owing to the impact of the Brexit, this year the All England Club is likely to put in place a steeper rise to maintain its dollar value. The amounts, which will be announced on Wednesday, are likely to see the winners receive £2.25 million ($2.92 million).
Last year, the tournament was held just a few weeks after the Brexit vote that directly impacted the value of the prize money. The £2 million prize which was handed to Murray and Williams was worth $2.6 million, but was $380,000 less than it would have been a day prior to the Brexit referendum.
As this year’s tournament approaches, the pound is once again at a low in comparison to the dollar.
In 2016, the US Open had given the singles winners $3.5 million. The Australian Open offered $2.8 million. Both values are higher than the current value of the pound sterling and have pushed Wimbledon’s top prizes into third place among the Grand Slam rankings. The French Open’s top prize is $2.29 million.
“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,” a spokeswoman for Wimbledon was quoted as saying.