Champions of Wimbledon will receive on one million pounds sterling

Wimbledon organizers have increased prize money for the men's and women's champions to £1 million ($1.53 million). The All England Club has sanctioned the £150,000 rise to offset the effects of the falling value of the British pound against the US dollar and euro.

Photo: Champions of Wimbledon will receive on one million pounds sterling

The total prize money for the event will be £13.725 million, an increase of £1.175 million on 2009. The All England Club agreed to pay women the same prize money as men for the first time in 2007. The £1 million prize for the 2010 ladies singles' champion is more than double that of eight years ago, CNN International says.

Speaking at a press conference at Wimbledon earlier, Tim Phillips, chairman of the All England Club, said: "Wimbledon exists in a highly competitive global marketplace and it is the world's best players who create and drive the interest. It is important that we offer a level of prize money which is both appropriate to the prestige of the event and which gives the players full and fair reward."

The runner-up in both singles tournaments will receive £500,000, while the beaten semi-finalists will receive £250,000. The winners of the doubles tournament will be awarded £240,000 per pair, InTheNews.co.uk reports.