Brexit Decreases Wimbledon Prize Pool Value By US$3m

Wimbledon is one of the most important tennis events of the entire year. It is also one of the favorite tournaments for both men and women. Despite increasing the overall prize pool for the winners, they will earn less money as a result of the Brexit. The Pound Sterling has devalued quite a bit in recent days, affecting winner purses.

Stories like these go to show how fragile the financial ecosystem is these days. Wimbledon organizers decided to increase the prize pool by 5% in April of 2016. At the Pound Sterling value in April, winners would have earned a lot more when converting the funds to its US Dollar value.

Wimbledon Prize Pool Loses Value

But now that the Brexit has happened, and the Pound Sterling devalued, things are looking very different. Albeit the winnings are still very significant, the winner will earn less than initially predicted. This may seem quite strange, considering the 5% prize pool increase. Unfortunately, the Pound Sterling lost so much of this value; it offsets the increased prize pool.

The differences are bigger than most people anticipate, though. Whereas the singles prize money was worth US$2.9m in April of 2016, the value dropped to US$2.7m.

Read more ... source: NewsBTC USA