Tennis Australia has received more than $4.5 million in Federal Government ‘JobKeeper’ support as it battles the COVID-19 pandemic.
As talks continue between TA and the Victorian State government over quarantine requirements for the postponed Australian Open, officials have confirmed TA will dip into its $80 million reserves in order to stage the event, now likely to begin on February 8.
TA’s annual report has shown it has received $4,527,000 million in JobKeeper funds, as well as rent relief on its venues of $2m.
The Federal Government’s JobKeeper program is based on a percentage -based reduction of revenue caused by lockdown measures – something TA qualified for.
“JobKeeper eligibility was assessed and funds were received on the basis of a reduction in turnover mainly attributable to the closure of customer facing tennis facilities around the country,” the 2020 annual report stated.
Tennis Australia delivered a surplus of $4.4 million for 2019-2020 – down from a profit of $10.7 million the previous year.
Revenue for last year jumped to $456 million but TA knows it will face a big cost for staging the 2021 event, due to the quarantine measures.
“The group will most likely introduce external funding in the form of a line of credit to cover the significant costs that have arisen as part of the COVID-19 response to meeting quarantine and bio-security measures for AO2021” the report added.
“The designated amount of the reserve is currently $80 million and it is highly likely that there may be use of the reserves as the Group executes its recovery plans following the impacts of COVID-19 on the delivery of the 2021 major events.”
Smaller crowds at Melbourne Park due to COVID-19 restrictions, a reduction in sponsor “partnership revenue” snd a projected drop in TV revenues will reduce total revenue across the year.
Rafael Nadal lined up for what was to be the final match of his career…
Jannik Sinner took charge in front of his home crowd on Sunday, crushing ATP Finals…
Daniil Medvedev went into meltdown mode on Sunday during a highly charged 6-4, 6-3 loss, with opponent…
Jannik Sinner could well be missing from the opening European clay event of next season…
Rafael Nadal will bring down the curtain on his career next month as he plays his…
Wimbledon on Wednesday brought an end to human linecalling at the most traditional of the…