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Tennis Australia serves up record profits

Tennis Australia serves up record profits
October 21, 2014

Tennis Australia’s financial position is set to be further strengthened in the current financial year after recording record profit and revenue for 2013/14.

According to a report in the Australian Financial Review, documents recently lodged with the Australian Securities and Investments Commission showed the organisation made a surplus of $11.2 million in the year to 30th June from revenue of $202 million.

Tennis Australia Chief Executive Craig Tiley confirmed the 2014 result was a record in terms of both surplus and revenue, which were up from $1.6 million and $181 million respectively in the previous year.

Tiley told the AFR that the result was mainly attributable to increased income from international broadcasting rights and sponsorship, along with corporate hospitality.

The organisation was also able to withstand a downturn in ticket sales for January’s Australian Open as well an increase in prize money to what was a record $33 million.

Tiley told the AFR that the governing body for Australian tennis had made “some very big cost reductions”.

Like each of the organisers of the other three Grand Slam tournaments around the world, Tennis Australia is also committed to further increases in prize money.

The 2015 Australian Open in January will be offering $36.3 million in prize money, including $3 million for the winner of both the men’s and women’s singles events.

However, the increase in prize money will be more than offset by another spike in revenue from broadcasting and sponsorship.

ANZ Banking Group has renewed its associate sponsorship of the Australian Open in a deal with about $7 million annually, double the amount the bank has previously paid. A further boost will come from Tennis Australia’s first year of a new broadcast deal with Seven West Media.

The AFR reported that the new contract is worth about $35 million annually, up from the previous $21 million Seven was paying for the Australian Open and lead-in events.

As part of the deal, Tennis Australia will keep production rights for the event, previously held by Seven.

Tiley said the move will allow the organisation greater flexibility in providing content to international broadcasters and more in-depth and behind-the-scenes digital content.

He added “we want to be the product that really opens the calendar year for the whole world.

“We (now) think we are in the business of entertainment, not just sport .”

Tennis Australia has also invested significant funds in a new database to capture more information about players, fans and ticket buyers.


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