AELTC No 1. Court holds court; bonds declared



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AELTC announces debentures Image: AELTC

The All England Lawn Tennis Ground PLC (UK), owner of the tennis courts, grounds and buildings at which The Championships, Wimbledon are held, announced the issue of up to 1,250 No. 1 Court debentures in relation to the five Championships from 2022 to 2026 inclusive.

The ‘AELTC’ stated that the total price is £46,000 per debenture, comprising nominal value, premium and value-added tax (VAT). Applications will close at 12 noon on October 29th.

The All England Lawn Tennis Ground PLC operates as a lawn tennis club. The company host and manages tennis tournaments, as well as offers hospitality, food and drink, museums, and parking services. The All England Lawn Tennis Ground serves customers in the United Kingdom.

The Championships, Wimbledon, commonly known simply as Wimbledon or The Championships, is the oldest tennis tournament in the world and is widely regarded as the most prestigious.

The All England Lawn Tennis and Croquet Club, also known as the All England Club, based at Church Road, Wimbledon, London, England (UK), is a private members club. It is best known as the venue for the Wimbledon Championships, the only Grand Slam tennis event still held on grass.

The ‘AELTC’ further stated that further information on the debentures and application process, along with the prospectus, which is available to download (subject to applicable securities laws), is available at www.wimbledon.com/debentures.
 

Debenture holder benefits

Subject to the terms and conditions of the debentures, each registered holder of the 2022-2026 No.1 Court issue will enjoy:

  • One reserved No.1 Court seat, in a prime location, without further payment, for the first 11 days at The Championships from 2022 to 2026 inclusive (i.e., up to and including the second Thursday);
  • Entrance to the exclusive No.1 Court debenture restaurants and bar for the first 11 days at The Championships for the five-year period;
  • The No. 1 Court debenture issue will include Middle Sunday, which will become a regular part of The Championships’ schedule as the tournament extends to 14 days from 2022;
  • Play regardless of inclement weather following the completion of the retractable roof in 2019, with seats among the best-located on No.1 Court; and
  • Debenture tickets are the only Wimbledon tickets which are freely transferable, meaning debenture holders may give away or sell their tickets on the open market on days they cannot attend, or sell their entire debenture on the open market.

 

Hallowed court

The No.1 Court has been the stage for some of the sport’s most exciting rising stars and compelling stories in recent years. At this year’s Championships it hosted Emma Raducanu (British professional tennis player) on her way to the fourth round, and in 2019, the breakthrough performance of Coco Gauff (American tennis player), when she defeated Venus Williams (American tennis player and a former World No. 1) en route to her fourth-round appearance.

The No. 1 Court is a tennis court at the All England Lawn Tennis and Croquet Club, Wimbledon, London. Opened in 1997, it is used primarily for the Wimbledon Championships.
 

Use of proceeds

Debentures are the main source from which The All England Lawn Tennis Ground PLC derives its funds to meet capital expenditure and invest in improving the facilities.

The very first debenture issue helped fund the purchase of the Church Road Grounds and construction of the Centre Court in 1922. Subsequent issues over the last 100 years have funded significant improvements and upgrades, including most recently the construction of the new No.1 Court which opened in 1997, retractable roofs for the Centre Court (2009) and No.1 Court (2019). The ongoing development of the AELTC Indoor Tennis Centre on Somerset Road, and the modernization of facilities for players, guests and the media.

The net proceeds of the forthcoming issue will be used to help finance capital expenditure, contribute towards continuing improvement of the existing AELTC Grounds and facilities and fund future development under the Estate Master Plan, including the AELTC Wimbledon Park Project, for which a planning application has been submitted. The ambitions of the AELTC Wimbledon Park Project are to maintain The Championships at the pinnacle of the sport (with the associated substantial social and economic benefits locally and nationally) and, equally, provide year-round significant public benefit to our local community including a new public access park and improved biodiversity.

Applications are invited for debentures at £46,000.

The VAT has been calculated on the premium at the rate currently in force, being 20 percent. If the rate of VAT changes after the date of the prospectus, the total price payable for a debenture will change accordingly.
 

Expected timetable of principal events:

  • Date for receipt of application forms: October 29th, 2021;
  • Emails confirming allocations despatched: November 12th, 2021;
  • Date for receipt of first installment: November 19th, 2021;
  • Debenture certificates issued: December 6th, 2021;
  • Date for receipt of second installment: March 30th, 2022; and
  • Refund of nominal value: August 3rd, 2026.

 
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