Leicestershire CCC announce operating loss for 2017-18
Mon 25 Mar 2019
Leicestershire County Cricket Club has announced an operating loss of £157K for the financial year ended 30th September 2018. This compares with an operating profit of £134K in 2017.
Total income reached a figure of over £4.5m (2017: £4.2m, 2016: £4.2m) but the overall cost base in 2018 increased to 4.67m after being stable for the previous two years (2017: 4.1m, 2016: 4.1m).
The club’s overall commercial revenue streams reduced by 16% to £1.37m (2017: £1.64m) while reduced gate receipts and Memberships, as well as a reduction in non-domestic cricket fixtures and major commercial events, contributed to an overall deficit of £298K.
Given this year’s financial result, Leicestershire CCC has created a budget for the 2018/19 year that is prudent in relation to anticipated income for the year having undertaken an extensive cost reduction exercise late in 2018.
Leicestershire CCC Interim Chief Executive Roy Bent said: “As with a number of other first-class counties, there is no doubt that the 2018 year was a challenging one financially. The financial losses in 2018 contrast with the trend in the previous three financial years whereby the club had recorded a small profit.
“There are a number of significant factors which resulted in the deterioration of the financial results in 2018 highlighted in particular by the club not staging as many non-domestic cricket and major commercial events such as outdoor concerts. In addition, further investment was made into the professional playing squad, coaching staff and senior management in contrast to the previous year.
“The Board is acutely aware of the many challenges facing the club and the need to build a more sustainable business model. We are working closely with all our stakeholders in an attempt to optimise commercial success and investment into the professional playing squad.
“With a talented and highly respected coaching team in place, continued focus on our pathway and Academy programmes there is every reason to feel optimistic about future success both on and off the field of play.”
