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Wimbledon achieves record profits for LTA

LONDON (Reuters) - Profits from this year's Wimbledon championships increased by seven percent to record levels, Britain's Lawn Tennis Association (LTA) said on Thursday.

The LTA, which organizes the two-week grand slam, published its annual report and financial review which showed profits at the grasscourt tournament rose to 37.8 million pounds ($60.99 million), up from 35.2 million pounds the previous year.

The surplus is invested back into British tennis.

The LTA also said it spent 12.3 million pounds on player development with 17.4 million pounds going on encouraging people to take up the sport.

The governing body highlighted the impact of an excellent year for Britain's Andy Murray, who claimed Olympic gold before taking the U.S. Open title, in boosting grassroots participation.

($1 = 0.6198 British pounds)

(Reporting by Toby Davis; editing by Tony Jimenez)