The members of London’s Queen’s Club have agreed to a £35m out-of-court settlement with the Lawn Tennis Association for ownership of the club in Baron’s Court, W14.
The settlement for the 120-year lease of the Club is £10m less than the price agreed earlier in the year.
In addition, the LTA will contribute £500,000 towards the members’ bid and purchase costs incurred over the last three years.
The transaction, due to be completed by the end of May 2007, follows a long-running battle by the members to prevent the 13-acre site from being sold for redevelopment as a leisure/residential complex.
The site became available for sale after the Lawn Tennis Association decided to move its HQ from Queen’s to a new national tennis centre in Roehampton in 2001.
Queen’s Club members include Sir John Ritblat, the chairman of British Land, and George Soros, the billionaire financier.
Jim Brown, chairman of the Queen’s Club Litigation Committee, said: “We are very pleased to have reached an agreement with the LTA.
“Extensive legal advice was sought, and we believe that the settlement achieved is the best outcome for members and the future of British tennis.”
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.
“The proceeds from the sale will be used to further invest in the development of the sport, particularly at the community level.”
References: EGi News 14/12/06
