The singles winners at Wimbledon this year will be the first to benefit from a prize increase at the Championships, which was announced today.

It means that both the male and female champions will pocket a mouth watering £1.76 million each.

Tournament bosses at the All England Club raised the sum for 2014's victors as part of a 10% enrichment across the whole two-week event which kicks-off in June. £25 million will now be up for grabs in London.

Andy Murray ended Great Britain's 76-year wait for a home champion last summer by beating Novak Djokovic in the final. The Scottish star won £1.6 million for doing that, therefore he can expected an even healthier bank balance should he repeat the feat. 

However Marion Bartoli, winner of the women's title in 2013, will not be fighting for the added financial incentive after she announced her retirement following her first Grand Slam win.

Today's move strengthens Wimbledon's position as the best-paying Grand Slam tournament.

The French Open have also raised their cash pot, but the winners at Roland Garros will net less than those at SW19 with £1.36 million each. Australian Open champions Stanislas Wawrinka and Li Na received £1.46 million earlier this year. The US Open are yet to decide on their figures but it is unlikely to rival Wimbledon as Rafael Nadal and Serena Williams picked up £1.54 million last time around. 

It is not just the best players that will be rewarded for their progress either, those beaten in the opening three rounds will see a 12.5% rise on their prize money. 

Two-time winner at Wimbledon Nadal was a shock first round loser in 2013 for which he picked up £23,500, if the world no.1 suffers the same fate this time around he will get £27,000.

It is becoming clear that tennis is a lucrative sport if you happen to be good at it. Former world no.1 and record Grand Slam champion Roger Federer was ranked second in sports' highest earners by Forbes in 2013, only trailing golf star Tiger Woods.

Similarly, Murray is set to named Britain's sixth highest-earning sportsman after his recent success'. Today's announcement was good on another level for the British no.1; he has been out of form which has seen a slip to eighth in the world rankings but Wimbledon will have their own seeding system which will take into account the 26-year-old's landmark win in 2013.

It will only continue to get better as well. The US Open have already stated that their tournament at Flushing Meadows will have nearly £30 million up for grabs by 2017 and the least fruitful French Open plans to offer £26 million by 2016.

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