WIMBLEDON, England — The governing body of British tennis Wednesday approved an agreement allowing Wimbledon organizers to buy back complete control of the All England Club.

The agreement calls for the Lawn Tennis Associaiton to get $83 million in installments over a five-year period. It will take effect in 2013 and last until 2053.

Besides buying back half of the club it gave away in 1934, the organizers of the Grand Slam tournament also will be allowed to keep 10 percent of the profits instead of giving it all to the LTA.

Details of the agreement were released last month.

The All England Club also agreed to release 90 percent of the future profits from the championships to the LTA in return for the governing body selling its 50 percent share of the club's site and facilities.

"The championships will continue to invest in our sport and together we can build on the strong foundations that have been laid to ensure that tennis goes from strength to strength," LTA president Stuart Smith said.

Smith's organization has been criticized for creating little success by domestic tennis players despite the cash it already receives from the Wimbledon championships.