A yearly ritual in SW19, the first weekend of July saw two tennis pros at the top of their game—Roger Federer and Serena Williams—withstand all of the competition (as well as, in Mr Federer’s case, the resistance of a nation) to take home the Wimbledon championship prize, which this year stood at £1.15million.
But with today’s tennis stars hailing from all corners of the globe, Currencies Direct – Europe’s leading provider of currency exchange services – says that fluctuating foreign exchange rates greatly affect just how far an athlete’s winnings will go once converted into their native currency.
Take, for instance, this year’s winners. In a rain-delayed contest, Roger Federer bested Andy Murray to win the £1.15 million prize money. In Federer’s native Switzerland, this amount would have been approximately 1.71 million Swiss francs. However, had the winnings been the same when Federer last won Wimbledon in 2009, he would be returning to Basel with 2.02 million Swiss francs – almost 300,000 Swiss francs / £200,692.70 more.
Meanwhile however, dominant American Serena Williams overcame the world’s #2 ranked Agnieszka Radwańska to win her fifth Wimbledon title and fourteenth grand slam! So when converted into dollars, Williams’s £1.15m takings approximates $1.79 million USD – nearly $60,000 more than had she received that same amount at her last Wimbledon championship in 2010.
In 2011, Serbian Novak Djokovic defeated Rafael Nadal to win his first ever Wimbledon men’s championship. It was a banner moment for the rising star, who took home £1.1 million in winnings. Meanwhile, Petra Kvitová of the Czech Republic beat Maria Sharapova, taking home the women’s crown and her own £1.1 million prize package. But did they get a good deal?
Djokovic’s winnings would have netted him 122.87 million in his native Serbian dinars. However, had he won in 2012, his coffers would have swelled to the tune of approximately 157 million Serbian dinars. Additionally, Kvitová’s winnings tallied 29.59 million Czech koruna in 2011, but had she won this year, the 22-year old Czech would have won 35.33 million Czech koruna.
An economic calamity can sometimes be beneficial for athletes competing abroad. In 2008, at the height of the US financial crisis, the US dollar was in dire straits. In July that year, the US dollar was trading at almost 2:1 against the pound when Venus Williams defeated her sister Serena to win the 2008 Wimbledon women’s singles championship. Her winnings—£750,000—
Fluctuating FX rates are an increasingly important consideration as abstruse tax regulation in the UK has resulted in many foreign sportspersons engaging in more rigorous financial planning before deciding whether to participate on British soil. It appears that many professional athletes are realising that the potential winnings do not offset the costs of competing in the UK.
Melina Moussali, head of dealing at Currencies Direct said:
“Exchange rates are becoming an increasingly important factor in international sporting competitions. At present, the British pound is strong, which means competing in the UK will be especially beneficial for some – particularly those from the eurozone. A strong pound translates into greater earnings once converted back into native currency.
“But it’s not just exchange rates affecting athletes’ winnings. Britain arguably has the most draconian tax laws for foreign athletes wishing to compete in the UK. Not only must athletes pay tax on half of their prize money, but foreign athletes are also subjected to a tax on appearance fees and international endorsements while they’re competing in the UK. Consequently, foreign athletes are beginning to seriously consider whether or not competing in the UK makes financial sense.”
Earlier this year, Spanish star Rafael Nadal made headlines when he declined to participate in the AEGON Championship (Queen’s Club), an event he had won in 2008. With sponsorship deals from Nike, Babolat and others, Nadal claimed that UK tax burdens means he actually loses money when competing at Queen’s. Usain Bolt famously declined to run in 2010’s London Grand Prix, declaring he would incur huge costs by participating. Equally, in 2008, European football body, UEFA admitted that London was snubbed for the host venue for the 2010 Champions League Final due to dissatisfaction with British tax regulation for foreign players.
-ENDS-
1. Currencies Direct ( http://www.currenciesdirect.com ) is one of Europe's leading non-bank providers of currency exchange payment services. Since its formation in 1996 Currencies Direct has evolved and positioned from being an innovative service provider of foreign exchange for consumers and high net worth individuals into a dynamic and pioneering 'business to business' fully integrated treasury solution service provider. Headquartered in the City of London (United Kingdom) with operations in Europe, Africa and Asia, Currencies Direct is part of the Azibo Group, a privately owned investment company.
2. Prices are determined based on the Currencies Direct exchange rates on 11 July 2012 available at http://www.currenciesdirect.com.
Source: www.prlog.org
For Federer, Williams & the rest, it’s goodbye Wimbledon, hello Olympics - The Sport Review
One door closes and another opens—to the very same sporting arena: the All England Lawn Tennis Club.
In the blink of an eye, the same tennis stars will be lighting up Wimbledon again: Roger Federer and Andy Murray, Serena Williams and Agnieszka Radwanksa—this year’s Championship standouts—will regroup for their golden campaigns.
For in just two weeks’ time, with the grounds swathed in a garish pinky-purple in place of its sedate dark green, the men and women who thrilled on grass for a fortnight will start all over again, this time for Olympic glory.
Will they be able to match the achievements and records, the triumphs and disasters that filled Wimbledon fortnight?
Can Wimbledon’s 2012 titlists Williams and Federer convert their doubles gold to singles gold for the first time?
Will early fallers Rafael Nadal and Caroline Wozniacki turn the tables when it comes to the glitz and colour of medal combat?
Will Kim Clijsters, in her last tennis year, finally ride into the sunset as a champion from the place she never managed to win?
Here, as one Wimbledon door closes, are some of the key names, moments and records to whet the appetite as the Olympic door opens.
Wimbledon 2012’s key numbers
Most aces
Men—Philipp Kohlschreiber 98 (from five matches)
Women—Serena Williams 102 (all-time record and more than the next four women combined)
Fastest serve
Men—Jo-Wilfried Tsonga 140 mph
Women—Sabine Lisicki & Serena Williams 120 mph
Bodies through the gates
484,805
Bananas eaten by the players
12,000
Tennis balls used
54,000
Peak audience
16.9 million UK viewers watched the men’s final, believed to be the highest figure for a Wimbledon final since Borg v McEnroe in 1980.
Digital data
Web: 16.9 million unique users to website
Mobile apps: 1.53 million downloads
Live@Wimbledon: Over 1 million streams
Facebook: 965,000 likes
Twitter: More than 320,000 followers
Ranking revelations
It was all change at the top: Federer reclaimed No1 after two years, Djokovic dropped to No2 exactly a year after he won the top spot.
Maria Sharapova’s residence at the top of the women’s table was very short-lived: She was overtaken by both Victoria Azarenka and, rising to a new ranking high of No2, Radwanska.
Camila Giorgi jumped 56 places to 89 with her run through qualifying into the fourth round.
Another qualifier, Brian Baker, rose 50 places to 76 after reaching the fourth round.
Kohlschreiber rose nine places to a career high of 21 after 11 years on the tour, while Feliciano Lopez fell 12 to 29 after a reaching a career high this season.
Britain’s Heather Watson went up 24 places to No79.
Bernard Tomic, in losing to wild card David Goffin, tumbled 17 places to 45, while Goffin continued his surge with another 11 places to No59: He started the year at 174.
Did you know?
Flirty at 30
As well as two 30-year-old champions in Federer and Williams, there were 15 other women and 33 other men—a Wimbledon record—playing in their fourth decade in the singles draws.
Hawk-Eye challenge success rate
Men made 428 challenges, 120 were correct—a 28.0% success rate
Women made 191 challenges, 49 were correct—a 25.7% success rate
The rain and the roof
The Centre Court roof was closed at some stage on 9 of 13 days, and the men’s singles final became the first to be played under the roof (from third set).
Golden set
Yaroslava Shvedova was the first player in the Open era to win a “golden set”, 24 points in a row, against Sara Errani.
Ticket resale donations to charity
Total income was a record £167,000 so, with HSBC match funding, £334,000 goes to charitable foundations.
Champions’ roll call
Men’s Singles—Roger Federer
Women’s Singles—Serena Williams
Men’s Doubles—Jonathan Marray & Frederik Nielsen
Women’s Doubles—Serena Williams & Venus Williams
Mixed Doubles—Mike Bryan & Lisa Raymond
Boys’ Singles—Filip Peliwo
Girls’ Singles—Eugenie Bouchard
Boys’ Doubles—Andrew Harris & Nick Kyrgios
Girls’ Doubles—Eugenie Bouchard & Taylor Townsend
Men’s Invitational Doubles—Greg Rusedski & Fabrice Santoro
Women’s Invitational Doubles—Lindsay Davenport & Martina Hingis
Men’s Senior Invitational Doubles—Pat Cash & Mark Woodforde
Men’s Wheelchair Doubles—Tom Egberink & Michael Jeremiasz
Women’s Wheelchair Doubles—Jiske Griffioen & Aniek Van Koot
The last time that Wimbledon hosted the Olympics was in 1908, but this time round, the tennis event will be one of the most high profile in its history. It all begins on Saturday 28 July. 
Source: www.thesportreview.com
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