The Queen's Club
LTA announces sale agreed on Queen's Club
The LTA Board announces that it has agreed an option with The Queen’s Club Project Group (QCPG), negotiating on behalf of the Members of The Queen’s Club, to purchase the Club for £45m.
This is subject to a number of conditions, including obtaining a declaratory judgment from the High Court, in a process supported by the Members, confirming the LTA’s ownership of the Club.
The LTA Board has received advice throughout the whole sales process from a leading QC, which gives the Board full confidence in its ownership rights. However, the LTA Board is seeking this judgement, before completing the sale, due to the actions of a very small number of Queen’s Club members who have attempted to disrupt the sale by challenging the LTA’s right to sell the Club which it bought in 1953.
The LTA Board feels that any questions about its ownership of the Club must be resolved once and for all for the benefit of British tennis. The LTA believes also that the proposed sale to the Members secures the future of racket sports, grass courts and the pre-Wimbledon Stella Artois Championships at its West London home and is in the best long term interests of British tennis and the Queen’s Club.
A spokesman for the LTA said: “Following a very competitive bid process, we received a number of high-quality bids. This offer is the best, based on price, business plan and the criteria that we set out to all parties.”
HLL Humberts Leisure, chartered surveyors and specialist international leisure business consultants of Mayfair, London in conjunction with Gerald Eve advised the LTA and conducted the sale process.
ENDS
Issued: 13th March 2006
For further information, please contact:
Kris Dent - Head of Communications, Lawn Tennis Association.
Tel: 020 7381 7009
Nigel Talbot-Ponsonby FRICS - Chairman, HLL Humberts Leisure.
Tel: 020 7629 6700