Client: Lawn Tennis Association
Our leisure team recently advised the Lawn Tennis Association on the sale of The Queen’s Club in west London.
Back in 1999, the Lawn Tennis Association undertook an extensive review of the sport to understand why the UK performs poorly in competitive tennis. One of its recommendations was the creation of a National Tennis Centre, a one-site national focus for the sport that offered world-class facilities and back-up to players. Located in Roehampton, it was completed in March 2007, prompting the Lawn Tennis Association to relocate its headquarters from The Queen’s Club to the National Tennis Centre site.
The Association had freehold ownership of The Queen’s Club. In addition to the office headquarters, the 10.8-acre site in West Kensington has 28 outdoor tennis courts, a range of indoor courts, a gymnasium and a Members’ Clubhouse. Now surplus to its requirements, the Lawn Tennis Association jointly instructed our Leisure team to sell the site.
The Queen’s Club itself has a long sporting heritage as well as a prestigious position as one of London’s foremost private members sporting clubs. The Lawn Tennis Association was adamant that throughout the disposal process, they would look to safeguard the club’s sporting ethos and principles.
The solution
Our approach to the marketing of the Club was to target private individuals potentially interested in the unique opportunity of a ‘trophy’ investment, alongside more traditional property and private equity investors and developers. The Club’s members were a further target. The marketing of the site included an international advertising campaign, with promotional material comprising advertisements, a DVD, website and printed literature. Following a comprehensive marketing campaign, and two stage due diligence exercise, all bids were assessed, and selected prospective purchasers invited to present their proposals before a final shortlist was drawn up. The Queen’s Club members group were chosen as the preferred bidders.
Results
Following a lengthy legal dispute, The Queen’s Club was sold for £35 million, via shares and a 120-year lease. As part of the deal, The Queen’s Club will continue to host the Artois Championships, owned by the Lawn Tennis Association and Inbev. The Queen’s Club will also invest £4 million over three years in projects specifically aimed at benefiting tennis with an emphasis on junior and community sport.
|
|