LTA And Queen’s Settle Ownership Row

The Lawn Tennis Association and the members of The Queen’s Club have settled
out-of-court their legal action over ownership of the club, with the former
agreeing to sell the lease of the venue to the members for £35 million.

The settlement of the sale of the 120-year lease of the club to members for
£35 million is £10 million less than the original price agreed earlier in the
year. 

The transaction is due to be completed by the end of May 2007.

The decision, which follows extensive legal advice, has been taken by all
parties to avoid a long and costly court action.

In addition, the LTA will contribute £500,000 towards the members’ bid and
purchase costs incurred over the last three years.

The LTA will now transfer its headquarters and training grounds from The
Queen’s Club, Barons Court, to its new National Tennis Centre in Roehampton,
West London.
 
Commenting on the settlement, Stuart Smith, president of
the LTA, said: ‘We are delighted that we have reached this agreement which
allows us to concentrate on the real job of developing tennis in this country.

‘As was always our priority, we are also ensuring that the prestigious Stella
Artois tournament remains at The Queen’s Club.  The proceeds from the sale will
be used to further invest in the development of the sport, particularly at the
community level.’