Wimbledon set to increase prize money, all thanks to Brexit
What's the story
Wimbledon is set to significantly increase the prize money for this year's championships taking into account the falling value of pound since last summer's Brexit vote. The All England Club is expected to increase the Singles champions prize money from last season's £2 million each to £2.25 million. Each year Wimbledon prize pot is adjusted as per the currency fluctuations.
Details
Post Brexit vote, 2016 Wimbledon prize worth $380,000 less
The 2016 Wimbledon championships prize money took a hit owing to last summer's Brexit vote. Winners of the Singles tournament Serena Williams, and Andy Murray, who were handed £2 million ($2.59 million at the time) each, lost about $380,000 owing to the sharp decline in the value of pound. Pre-Brexit vote, the British championship's prize money was worth $2.97 million.
Information
Pound value at post-referendum level
The current value of pound is at its post-Brexit referendum level, the exchange rate being $1.30 for £1.
Take-home
Prize money of other three Grand Slams
US Open pays the highest among all four Grand Slams having doled out $3.5 million to its 2016 Singles winners. Australian Open bumped its 2017 edition's prize money by a 14% taking it to AUD$3.7 million ($2.8 million) apiece to Singles champions. French Open increased this year's payout by 12% with Singles winners set to get €2.1 million ($2.29 million) each.