Source from which The All England Lawn Tennis Ground plc derives its funds to meet capital expenditure.
Without the financial commitment of the Debenture Holders, few, if any, of the capital projects at Wimbledon, such as the substantial improvements currently in progress under the Long Term Plan, would have been possible.
These include:
1979 — Raising of Centre Court roof, construction of new Debenture Holders’ Lounge on the north side of Centre Court
1980 — Members’ Enclosure made a permanent building
1981 — No. 1 Court Competitors’ Complex rebuilt
1985 — East Side Centre Court Building constructed
1986 — New two-storey pavilion in Aorangi Park
1989 — Three new covered courts
1991 — Centre Court North Building extension, providing more accommodation for Debenture Holders and offices
1992 — Replacement of Centre Court roof
1997 — New No.1 Court, Broadcast Centre, tunnel linking Church Road with Somerset Road and Courts 18 & 19
2000 — Millennium Building (new facilities for players, press & photographers, officials, ballboys/girls, Club members and LTA councillors).
2001 — Important repairs and improvements to the front of the Centre Court
2002 — Major refurbishment of Clubhouse and Royal Box area
2006 — Redevelopment of the turnstile area:- Construction of the new Museum Building at Gate 3 incorporating the new Wimbledon Lawn Tennis Museum (opened 12 April 2006), permanent 2,600 sq ft Wimbledon Shop, Club offices and Ticket Office
2008 — Centre Court increase in capacity from 13800 to 15000, new restaurant and bars for public and debenture holders
And is scheduled to include:
2009 — Centre Court: Retractable roof, installation of new, wider, padded and more comfortable seating for all spectators.
Resale of individual tickets is permitted as the Club believes that it is only fair to those who have invested such considerable sums in buying debentures.
Debentures are freely tradable on the London Stock Market through market makers Barclays Capital Securities Limited.
Centre Court Debentures
Every five years, Centre Court debentures are sold. Holders guaranteed one seat per debenture per day of each Championships during the five year period.
Current issue covering the 2006–2010 series announced 27 April 2004. Each debenture, priced at £23,150 (nominal value £2,000, premium £18,000 and VAT £3,150). Issue raised £46 million.
Previous issue covered 2001-2005 Championships. Each debenture sold at £23,150 (comprising £2,000 returnable nominal value, £18,000 premium, £3,150 VAT). Extra 728 seats on Centre Court meant 200 new debentures (total of 2,300) available to meet wider demand. Issue raised £46 million.
In 1989, after consultation with Centre Court Debenture Holders, and in an effort to reduce unofficial hospitality, the Club introduced an official Centre Court Debenture market (the ‘White Market’), whereby Debenture Holders can sell spare tickets back to the Club. The Club then re-sells them to existing Debenture and Marquee holders, ie people already supporting British tennis.
2008 Centre Court debenture ‘White Market’ prices: The Club bought at £6,950 per book and sold at £8,750 (inc VAT and small administration charge).
No.1 Court Debentures
Each debenture entitles holder to a reserved seat in the new No. 1 Court for the first 10 days of The Championships for each of the five years. First introduced in 1996 prior to the opening of the new No.1 Court in 1997.
Third issue of up to 850 debentures covering 2007-2011 Championships announced in March 2006. Each debenture priced at £12,250 each (nominal value £500, premium £10,000 and VAT £1,750). The issue raised approximately £8.7m.
Previous issue covered 2002-2006 Championships. Each debenture priced at £9,900 each (nominal value £500, premium £8,000 and VAT £1,400). The issue raised £7 million.
For The Championships 2008, No. 1 Court Debenture Holders once again offered the opportunity of using the Club’s Official Market on the basis of matched deals (buying only those tickets required to satisfy demand). In 2008, the Club bought £3,270 per book and sold at £4,115.
History of Debentures
During the years immediately before World War 1, the Club considerably expanded the facilities at Worple Road to meet the growing demand of the public, by increasing the capacity of Centre Court and purchasing adjacent houses and gardens.
When the tournament resumed in 1919, the grounds could not cope with greater than ever crowds and, as further expansion was not possible, the Club sought new premises.
In June 1920, the Club formed the ‘Ground’ Company, primarily with the object of acquiring 13.5 acres of freehold land at Wimbledon Park, Surrey (present site of the Club), and to develop the grounds for the purpose of staging The Lawn Tennis Championships and other competitions.
Original Debentures were issued in 1920 covering the 1922-47 Championships inclusive, i.e. 26 years.
To raise the capital required, the ‘Ground’ Company raised £75,000 by the issue of ‘A’ and ‘B’ Debentures at £50 each.
The ‘A’ Debentures carried an interest rate of 7.5% per annum, redeemable on or before August, 1947, and also conferred on the holder the right to purchase one seat in Centre Court at the prices current at such meetings.
The ‘B’ Debentures carried no interest, but conferred upon the holder the right, without payment, to one seat in the Centre Court Stand for a similar period. The Debenture issue was oversubscribed and increased to £100,000. Because of World War 2, the Debentures were extended by six years until the end of the 1953 Championships.
In 1948, existing holders were offered the opportunity of extending their rights until after the 1959 Championships with a new issue of 2,100 Debentures at £50 each. Money was required to effect repairs to the Club’s premises, including bomb damage, none having been carried out for nine years, and to improve Centre Court and the catering facilities.The process has continued and, apart from one year only, 1960, Debentures have been issued every five years.
Details of current prices are advertised by the ‘Ground’ Company in the Financial Times (FT) on the first Saturday of each calendar month.
Further information on Debentures and how to apply for them available from the Debenture Office, The All England Lawn Tennis Ground plc, Church Road, Wimbledon, London SW19 5AE. 020 8971 2341.
The White Market and the sale of Debenture Tickets 2008
There are two types of tickets available for The Championships, Wimbledon:
Debenture (those allocated to each Centre Court Debenture Holder for every day of The Championships and each No.1 Court Debenture Holder for the first 10 days of The Championships).
Non-Debenture (those sold at face value by the Club through the public ballot, the LTA and its affiliated tennis clubs, schools, on-day sales etc)
There has long been a legitimate but unofficial market for the sale of Centre Court Debenture tickets to agencies and hospitality outlets.
This unofficial market was unregulated and the Club was frequently unfairly blamed for the activities of unscrupulous parties, who did not have a ticket allocation to support their sales.
In 1989, after consultation with Centre Court Debenture Holders, it was decided to establish a market at the Club (the ‘White Market’) which, by buying tickets from Debenture Holders and selling them to other Debenture Holders and to Marquee Holders, allows the tickets to remain in the hands of those already supporting British tennis.
Further measures introduced (September 1990) to minimise the ‘black market’ sale of tickets.
Under these conditions, all Wimbledon tickets, apart from Debentures, are only valid if sold either by the All England Club or by one of its licensed and authorised agents.
Unauthorised sale or transfer of tickets immediately invalidates them.
‘White Market’ was extended (1998) to No.1 Court Debenture Holders on a matched bargain basis (buying only those tickets required to satisfy demand).
Prices paid by the Club for these tickets vary depending on the day, but reflect prices being paid by hospitality companies.
The Club continues to believe that tickets of Debenture Holders should remain the only tickets to be freely transferable.
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