The ECB have managed to get approval from the 18 counties and the MCC for a ‘direction of travel’ (whatever that means) as a next step towards privatizing The Hundred. This will change the revenue model currently in place between the ECB & the Counties.
This made me wonder why the ECB had come up with The Hundred in the first place and why they are now moving towards privatizing the tournament.
Are all County clubs struggling financially? If yes, how bad are their situations?
I wanted to get to the bottom of this. So I researched all 18 Counties’ (and MCC’s) Annual Reports & Financial Accounts.
Here is what I found out after perusing through about 617 pages of annual reports.
Key Takeaways
- Surrey (£ 8 Million – 2023), Lancashire (£ 2.4 Million – 2022), and Warwickshire (£ 1.3 Million – 2023) saw the most profit in a year, while Yorkshire (£ 7 Million Loss – 2023), Hampshire (£ 1.3 Million – 2022), and Gloucestershire (£ 1.2 Million – 2023) had the largest losses.
- I separated the Counties in three categories based on their current financial health status.
- Green: MCC, Surrey, Lancashire, Warwickshire, Nottinghamshire, Somerset, Durham, Northamptonshire, Derbyshire
- Yellow: Worcestershire, Kent, Leicestershire, Essex, Glamorgan, Sussex, Middlesex
- Red: Gloucestershire, Hampshire, Yorkshire
- Several teams highlighted inflation, rising interest rates, and rising energy costs as points of concerns looking at the future.
- Although Test cricket is usually costly to host and results in losses for most cricket boards, County Clubs benefit when they host Ashes Tests (and ODIs). Membership soars, tickets are sold out, and the general interest in the County game increases. That is why many Counties experienced a boost in 2023 (except for Yorkshire).
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Which County Cricket Club Earned the Most Money?
The Counties below are arranged by the profit/loss in their latest released financial statements (not their overall reserves). We have summarized quotes from annual reports, factors contributing to growth, future outlook & concerns, etc. to provide a holistic view of the club. We made our financial health assessments as follows:
- Green: Annual profits (mostly) for two years in a row and surplus reserves.
- Yellow: (1) Recent annual losses but overall surplus reserves, (2) recent profits but negative reserves, or (3) concerns from the treasurer/CEO/chair in their written statements despite positive financials.
- Red: Annual losses for two years in a row as well as negative reserves.
If debts and loan repayments were called out in the report, we mention it. However, other important metrics like detailed balance sheet and long-term debt analysis for each County is a deep dive for another day. (All the sources are linked at the end of each section if you are interested to learn more).
*Note: Results are presented from the club’s most recent Annual Report. Some clubs have already released their 2023 reports (that covers both 2023 & 2022 financial reports) while some others have only released 2022 reports (that cover 2022 & 2021 financial reports). The reports are sourced at the end of each section.
**The annual total represents the total comprehensive income for the club after taxation.
1. Surrey (£ 8 Million Profit)
- Division: Division One
- Home Ground: The Oval
Financial Health Status: Green
Assessment: Positive annual returns pushed their reserves even higher, but they are expecting a tough 2024.
Surrey’s 2-Year Profit/Loss
| Year | 2023 | 2022 |
| Annual Total | + £ 7,999,000 | – £ 1,332,000 |
| Total Reserves | + £ 29,200,000 | + £ 21,167,000 |
Treasurer’s Report Summary
“We have delivered an excellent financial performance in 2023 and look forward to continuing growth over the medium term. In the short term however, we expect a difficult year in 2024. We have a Friday start in our Test match, and an IT20 not an ODI.”
Positive Highlights from Surrey’s Annual Report
- Membership grew by 18,739
- Men’s Ashes Test (Sold Out), India vs Australia WTC Final (Sold Out)
- Women’s Ashes IT20 (20,000 tickets)
- Strong T20 Vitality Blast Attendance
Financial Concerns for Surrey County Cricket Club
- Inflation, Increases in Rent
- Overheads expenses increased by £6,300,000 compared to 2022
- Staffing Increase Costs (recovery from COVID staff reduction)
- Hotel Development Costs
- Bank debt of £9,500,000
*Year ending on 31st January, 2024
Source: Surrey County Cricket Club Annual Report & Accounts 2023/24 (13 Pages)
2. Lancashire (£ 2.4 Million Profit)
- Division: Division One
- Home Ground: Old Trafford
Financial Health Status: Green
Assessment: Profits in the last couple of years, attendance growing, things looking pretty solid for Lancashire.
Lancashire’s 2-Year Profit/Loss
| Year | 2022 | 2021 |
| Annual Total | + £ 2,422,093 | + £ 1,805,747 |
| Total Reserves | + £ 6,077,364 | + £ 3,655,444 |
Finance Report Summary
“The Club’s post pandemic recovery continued in 2022 as we benefitted from a return to normality with a full year of unrestricted crowd.”
Positive Highlights from Lancashire’s Annual Report
- Hosted 2 ODIs (1 vs India, 1 vs SA) and a Test vs South Africa
- Hospitality revenues increased, Hotel/Conference/Events revenue recovered from pandemic
- 4 Sold Out concerts
- Sponsorship growth
- Sales increased
- Ashes and NZ T20I pre-sales
- 17% higher attendance for the Hundred
Financial Concerns for Lancashire County Cricket Club
- England vs India Test cancelled in 2021
- Construction at Old Trafford impacted attendance
*Year ending on 31st December, 2022
Source: Lancashire County Cricket Club Limited Annual Report and Financial Statements (23 Pages)
3. Warwickshire (£ 1.3 Million Profit)
- Division: Division One
- Home Ground: Edgbaston
Financial Health Status: Green
Assessment: The Ashes helped boost Warwickshire’s 2023 return. Financial growth moving in the right direction for the club.
Warwickshire’s 2-Year Profit/Loss
| Year | 2023 (10/01/2022-12/31/2023) |
2022 (09/30/2021-09/30/2022) |
| Annual Total | + £ 1,310,068 | + £ 123,791 |
| Total Reserves | + £ 8,783,073 | + £ 7,233,214 |
*Note: + £ 277,600 revaluation reserve was added to the + £ 1,310,068 for a total growth of + £ 1,588,069 in the 15-month period.
Chief Operating Officer’s Report Summary
“In summary, revenue for 2023 was substantially higher than in 2022, principally driven by hosting the men’s Ashes Test match. Costs were also substantially higher in 2023 primarily due to the increase in Major Match day (MMDs) staging fees paid to the English and Wales Cricket Board (ECB) and the additional 3 months salary costs…”
Positive Highlights from Warwickshire’s Annual Report
- Men’s Ashes Test
- Catering and hospitality revenues (driven by the Ashes Test)
- T20 Blast and Hundred ticket revenue increases
- Partnership revenue increases
Financial Concerns for Warwickshire County Cricket Club
- Expenses increase (cost of sale, administrative cost, overhead costs)
- Inflation
- Operating EBITDA decreased 6%
*Year ending on 31st December, 2023 (Note: Warwickshire changed their annual report date from 30th September to December so had 15-months to account for in this latest report instead of just the 12).
Source: Warwickshire County Cricket Club 2023 Annual Report (25 Pages), 2023 Summary
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4. Nottinghamshire (£ 700,000 Profit)
- Division: Division One
- Home Ground: Trent Bridge
Financial Health Status: Green
Assessment: Although 2022 was not as profitable as 2021, the club retains its massive surplus.
Nottinghamshire’s 2-Year Profit/Loss
| Year | 2022 | 2021 |
| Annual Total | + £ 689,623 | + £ 1,331,476 |
| Total Reserves | + £ 6,726,973 | + £ 6,037,335 |
Treasurer’s Report Summary
“Although there were some positive and negative movements in comparison tour budget for the year, the end result was closely aligned to our forecasts. he continued generation of surpluses has ensured the club continues to meet all of its debt repayments, minimising any interest charges accrued…”
Positive Highlights from Nottinghamshire’s Annual Report
- Hosted Test, T20I
- “Larger-than-forecast number of membership subscriptions
- Strong catering and retail return on Day 5 of Test match
- “Successful staging of The Hundred…to a significantly better level than in 2021.”
Financial Concerns for Nottinghamshire County Cricket Club
- Scheduling concerns (Friday start to Test match caused hospitality and Day 4 financial concerns)
- 3 home Vitality Blast games in five days
- Rising electricity prices, rising national minimum wage
*Year ending on 30th September, 2022
Source: Nottinghamshire County Cricket Club Annual Reports and Accounts (68 Pages)
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5. Somerset (£ 400,000 Profit)
- Division: Division One
- Home Ground: County Ground (Taunton)
Financial Health Status: Green
Assessment: From the financial statements, Somerset is growing and has ample surplus. However, the annual report suggests that the board of directors are wary of challenges that may impact them in this straining economy.
Somerset’s 2-Year Profit/Loss
| Year | 2022 | 2021 |
| Annual Total | + £ 399,328 | + £ 149,087 |
| Total Reserves | + £ 10,231,772 | + £ 9,833,700 |
Financial Review Summary
“…the year…represented a return to something resembling a more ‘normal’ year, although operations were negatively impacted by challenges emanating from the legacy of the pandemic…We are well positioned financially to absorb potential economic shocks over the coming months and to take advantage of opportunities that we are proactively seeking out, as we operate in an economic, political and cricketing landscape of rapidly-changing variables and volatility.“
Positive Highlights from Somerset’s Annual Report
- Surplus in these two years meant that ‘debt levels remain manageable’
- + £ 540,562 resulting from membership subscriptions and match receipts
- Strong year by the commercial team as it relates to business partners and sponsors
Financial Concerns for Somerset County Cricket Club
- Inflation, conflict in Europe, rising interest rates
- Hospitality and catering costs
*Year ending on 31st December, 2022
Source: Somerset County Cricket Club Accounts (21 Pages)
6. Durham (£ 333,000 Profit)
- Division: Division One
- Home Ground: Riverside Ground (Chester-le-Street)
Financial Health Status: Green
Assessment: Durham has benefitting from external events to add to their surplus and recent profits.
Durham’s 2-Year Profit/Loss
| Year | 2023 | 2022 | 2021 |
| Annual Total | + £ 1,531,190 | + £ 333,033 | + £ 1,560,754 |
| Total Reserves | + £ 7,888,727 | + £ 6,357,537 | + £ 6,024,504 |
*Note: In 2023, £ 285,756 was the profit for 2023, while £ 1,531,190 was the total comprehensive income for 2023 (including £ 1,245,434 was the revaluation of tangible fixed assets)
Chairman’s Review Summary
“With our events business performing strongly and the strong financial management of the last few years continuing, I am delighted to report a profit of £333,0333 in the current financial year as we look to continue strengthening our financial position for the challenges ahead…The key business risks affecting the group are considered to relate to staging of international cricket and the share of money we receive that is generated through the ECB…Failure to stage international cricket beyond this date would have a financial impact on the group through lost turnover.”
BusinessLive Article Summary
According to BusinessLive, who had access to Durham’s 2022 Annual Reports and financial statements, they quoted Chairman Lord Botham as follows:
“Current year turnover has risen to £ 8,048,739 as a result of the Durham Cricket Events business performing strongly over the year.”
*In 2021, the turnover was + £ 7,108,908
Positive Highlights
- Plans of building a hotel on site
- Concerts & events provide financial boost
- Two fixtures two host (in 2026 & 2028)
- Food and beverage income almost doubled
Potential Concerns
- Average number of employees decreased by 16 (135 to 119)
*Year ending on 30th September, 2022
Note: I could not initially find Durham’s annual reports, so had to rely on the Business Live article. Special thanks to Reuben Herbert and Graham Smith for sending me Durham’s updated financials and pointing me in the right direction!
*Year ending on 30th September, 2022
Source: Durham Cricket Community Interest Group Annual Report (32 Pages) Durham Events Help the Cricket Club Financially (Business Live)
7. Middlesex (£ 131,000 Profit)
- Division: Division Two
- Home Ground: Lord’s
Financial Health Status: Yellow
Assessment: Middlesex have churned out a profit in 2023 after incurring losses for seven consecutive years.
Middlesex’s 3-Year Profit/Loss
| Year | 2023 | 2022 | 2021 |
| Annual Total | + £ 131,000 | – £ 340,000 | – £ 952,000 |
| Total Reserves | + £ 69,000 | – £ 62,000 | + £ 179,000 |
2023 Media Release
According to Middlesex CCC media release,
“Middlesex Cricket can today announce that for the financial year ending November 2023, the Club has recorded a profit after tax of £ 131,000...After such an extended period of posting significant losses, to turn the business around a time when the game is under financial pressure is a credit to everyone involved.
This was their first year Middlesex experienced profits after 2016. It was nice to see the Club recover financially even after ECB sanctions, which resulted in reduced payments to the club.
Special thanks to @MassimoCricket for pointing me towards the 2023 Middlesex update!
Middlesex’s 2022 summary is stated below.
Board of Directors’ Report Summary
“After two years of extremely heavy losses caused by the pandemic and the pension scheme deficit, in 2022 we began the slow journey back to financial stability…The net assets of the Club that were less than £ 200K at the start of the year have now been exhausted. What this means is that making a profit in the year ahead is non-negotiable and that our activities and ambitions must be focused on meeting this target.“
Positive Highlights from Middlesex’s Annual Report
- ECB county partnership agreement fees increased
- Member subscriptions, ground receipts, sponsorships, hospitality/events saw an uptick
Financial Concerns for Middlesex County Cricket Club
- Wages and salaries cost increased
- Insurance, social security, pension costs, etc. increased
*Year ending 30 November 2023
Source: Middlesex County Cricket Limited Annual Report 2022, Middlesex Annual Report News
8. Northamptonshire (£ 110,000 Profit)
- Division: Division Two
- Home Ground: County Ground
Financial Health Status: Green
Assessment: Not as much of a surplus as some of the bigger clubs, but they have been profitable and are slowly moving return to normal from the financial consequences of the pandemic.
Northamptonshire’s 2-Year Profit/Loss
| Year | 2023 | 2022 |
| Annual Total | + £ 110,164 | – £ 1,474 |
| Total Reserves | + £ 1,361,920 | + £ 1,251,716 |
Directors’ Report Summary
“Post pandemic the club benefitted as the local community looked to enjoy life again. Season ticket sales, gate income, and conference & events revenue not only recovered, but far exceeded pre-pandemic levels.”
Positive Highlights from Northamptonshire’s Annual Report
- Hosted T20I vs India (Sold Out)
Financial Concerns for Northamptonshire County Cricket Club
- Increasing energy costs (now investing in solar panels to counter costs)
*Year ending on 31st January, 2023
Source: Northamptonshire County Cricket Club Report (19 Pages)
9. Derbyshire (£ 70,000 Profit)
- Division: Division Two
- Home Ground: Incora County Ground
Financial Health Status: Green
Assessment: An excellent two years means Derbyshire has accumulated a bit of surplus for themselves.
Derbyshire’s 2-Year Profit/Loss
| Total | 2023 | 2022 |
| Annual Total | + £ 70,000 | + £ 138,000 |
| Total Reserves | + £ 3,087,000 | + £ 3,017,000 |
Finance Director Summary
“From a financial results point of view, it has been another very good year for the Club, showing a strong income and expenditure performance and an improvement in the long-term balance sheet position…Looking ahead to 2024 and beyond there are a number of challenges we face which will inevitably make future years more difficult financially.”
Positive Highlights from Derbyshire’s Annual Report
- Sponsorship, Advertising, Hospitality
- Conference and Events
Financial Concerns for Derbyshire County Cricket Club
- Inflation
- “Commercial sponsorship is proving difficult across England….we will have to work hard to ensure we don’t see a drop in this income.”
Source: Derbyshire County Cricket Club 2023 Annual Report and Accounts (24 Pages)
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10. Worcestershire (£ 13,340 Profit)
- Division: Division One
- Home Ground: New Road
Financial Health Status: Yellow
Assessment: Although Worcestershire have a decent surplus for five years running, the losses in 2019 and 2022 were far greater than the minimal profits made in 2020, 2021, and 2023 respectively.
Worcestershire’s 5-Year Profit/Loss
| Year | 2023 | 2022 | 2021 | 2020 | 2019 |
| Annual Total | + £ 13,340 | – £ 203,287 | + £ 8,477 | + £ 21,635 | – £ 81,810 |
| Total Reserves | + £ 2,184,117 | + £ 2,170,801 | + £ 2,374,044 | + £ 2,365,567 | + £ 2,343,977 |
*Note: Worcestershire documents 5-year profit/loss on their annual reports rather than 2-year profit/loss as other clubs.
Accounts Commentary Summary
“There has been an uplift in revenue across nearly all sectors of our operations…Financial sustainability remains a paramount concern for the Club, as well as for other venues not hosting Test matches or The Hundred. It is imperative that we generate sufficient profits to ensure debt repayment. A strategic focus for 2024 will be the development of new revenue streams beyond cricket and the expansion of existing operations.”
Positive Highlights from Worcestershire’s Annual Report
- 15% increase in match ticket sales (both red & white ball games)
- Catering Department delivers profit of £282,000
- 2 Music concerts
Financial Concerns for Worcestershire County Cricket Club
- Membership subscriptions declined 7%
- Total debt for the club is still at £ 3,448,628
*Year ending on 31st December, 2023
Source: Worcestershire County Cricket Team Limited Annual Report (44 Pages)
11. Kent (£ 6,500 Profit)
- Division: Division One
- Home Ground: St. Lawrence Ground
Financial Health Status: Yellow
Assessment: Although Kent is in the profits over the last couple of years and have ample reserves, the chair of the board voiced his concern in the seismic shift that County Cricket is facing and what this uncertainty implies for the club.
Kent’s 2-Year Profit/Loss
| Year | 2023 | 2022 | 2021 |
| Annual Total | – £ 469,448 | + £ 6,488 | + £ 282,235 |
| Total Reserves | + £ 6,986,301 | + £ 7,455,751 | + £ 7,449,232 |
Chair’s Report Summary
“Two of the High Performance Review’s conclusions – structure and schedule – presented an existential threat to both our Club and the essential fabric of the county game…There is no question that Sir Andrew did a high quality piece of of work in the context of his brief. He has come up with many good ideas and the game has gained useful insights from subject experts across sport. However, it was when suggesting a County game structure and schedule that had the sole purpose of improving the England teams, the matters became more vexed…Reducing County Cricket in Kent to five home Championship games, five T20s and potentially one or two 50 over games would have rendered the Club completely irrelevant. Four days of cricket a month throughout the season would have meant that we became invisible.“
Positive Highlights from Kent’s Annual Report
- Development of media and marketing
- New ‘state-of-the-art ticketing system’
- Digital match day streaming service grew
- Stable ticket sales
Financial Concerns for Kent County Cricket Club
- “Inflation, labour shortages, rising interest rates, and higher energy prices”
- The Hundred’s negative impact on T20 Vitality Blast crowds (due to change of schedule)
*Year ending on 31st October, 2022
Source: Kent County Cricket Club Limited Annual Report and Financial Statements (56 Pages), Kent Financial Returns 2023
12. Leicestershire (£ 320,000 Loss)
- Division: Division Two
- Home Ground: Grace Road
Financial Health Status: Yellow
Assessment: From a five year outlook, we can see that Leicestershire has had 4 years of losses. Since surplus are still in a relatively healthy condition, I went with a ‘Yellow’ financial rating for them.
Leicestershire’s 2-Year Profit/Loss
| Year | 2023 | 2022 | 2021 |
| Annual Total | – £ 440,112 | – £ 320,341 | + £ 482,892 |
| Total Reserves | + £ 2,109,609 | + £ 2,549,723 | + £ 2,870,064 |
The past 5-year annual total summary for Leicestershire are as follows:
- – £ 320,341 (2022), + £ 482,892 (2021), – £ 121,633 (2020), – £ 363,588 (2019), – £ 298,506 (2018)
CEO Report Summary
“Encouragingly the reliance on the central funding dropped from 78% to 65% during the year. However we must continue to reduce this number and become more self-sufficient. This will remain one of our key targets during during the short and medium terms.”
Positive Highlights from Leicestershire Annual Report
- Facilities and commercial revenue grew
- Increased hospitality
- Record numbers for T20 attendance
Financial Concerns for Leicestershire County Cricket Club
- Cancellation of Paloma Faith concert
- ‘Un-qualification’ of T20 Quarter Finals
- Facility maintenance, catering expenses, ‘economic climate’
*Year ended on 30th September, 2023
Source: Leicestershire County Cricket Club Limited Annual Report (30 Pages), Leicestershire News, Leicestershire Returns 2023
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13. Essex (£ 400,000 Loss)
- Division: Division One
- Home Ground: County Ground (Chelmsford)
Financial Health Status: Yellow
Assessment: Losses for consecutive years, but still holding onto decent reserves.
Essex’s 2-Year Profit/Loss
| Year | 2022 | 2021 |
| Annual Total | – £ 378,983 | – £ 508,226 |
| Total Reserves | + £ 2,336,488 | + £ 2,715,471 |
Essex’s Notes to the Accounts Summary
“Based on current forecasts, total cash outflows exceed total cash inflows in the forecasted period to December 2024. The Club is actively looking to address this loss and cashflow situation to avoid having to sell part of its investment portfolio to cover this shortfall. These matters indicate that a material uncertainty exists that may cast significant doubt over the ability of the Club to continue as a going concern.”
Positive Highlights from Essex’s Annual Report
- Matches, commercial activity, and membership resulted in the most profit for Essex
Financial Concerns for Essex County Cricket Club
- Buildings (net – £ 690,254) and cricket operations (net – £ 435,987) resulted in the most net loss in 2022
*Year ending on 31st December, 2022
Source: Essex County Cricket Club Report and Statement of Accounts (24 Pages)
14. Glamor gan (£ 530,000 Loss)
- Division: Division Two
- Home Ground: Sophia Gardens
Financial Health Status: Yellow
Assessment: Massive positive reserves but the direction of annual losses are not going in the right direction.
Glamorgan’s 2-Year Profit/Loss
| Year | 2023 | 2022 |
| Annual Total | – £ 528,294 | – £ 39,248 |
| Total Reserves | + £ 9,767,471 | + £ 10,295,765 |
Chair’s Report Summary
“The club is reporting a reasonable financial outcome for the year…2024 will be a challenging year financially and the club has had to reduce its cost base in order to produce a budget with a similar EBITDA to 2023.”
“…It is worth remembering that the game of cricket is undergoing generational change as the rise of Indian cricket and the Indian Premier League has the potential to shift the old order and orthodoxies. While this process will undoubtedly be disruptive and challenging, it will also potentially provide opportunities for individual clubs to reset their financial, strategic, and operational activities onto a more positive and sustainable basis. Rest assured that the Board will work to ensure that Glamorgan is positioned to take advantage of these trends as they develop.”
Positive Highlights from Glamorgan’s Annual Report
- International stadium
- International match staging agreement with the ECB till 2031
- “Stable financial position with minimal debt”
- Hundred team/host based in Wales
Financial Concerns for Glamorgan County Cricket Club
- “Adverse macro-economic environment in which we currently operate” (ex: higher interest rates)
*Year ended on 31 December, 2023
Source: Glamorgan Cricket Club Limited Report and Financial Statements (45 Pages)
15. Sussex (£ 736,000 Loss)
- Division: Division Two
- Home Ground: County Ground (Hove)
Financial Health Status: Yellow
Assessment: Similar to Glamorgan, two consecutive years of losses (and 2023 was way worse than 2022) is a bit of concern, but overall, they are still holding up well.
Sussex’s 2-Year Profit/Loss
| Year | 2023 | 2022 |
| Annual Total* | – £ 735,616 | – £ 39,418 |
| Total Reserves | + £ 8,461,170 | + £ 9,196,873 |
Note: In the annual report, both Sussex Cricket Limited and Sussex Cricket Foundation’s earnings have been reported. We only state SCL’s profit/loss (since it is based on membership, matches, etc.)
*Even though Sussex had + £ 443,929 operating profit in 2022, the total comprehensive income was – £ 39,418. Similarly in 2023, they had an operating loss (- £ 121,918) but an even larger total comprehensive loss (-£ 735,616)
Treasurer’s Report Summary
“Income decreased 5.6% in FYE 2023 while expenditure increased 2.8%.”
Positive Highlights from Sussex’s Annual Report
- Commercial income increased
Financial Concerns for Sussex County Cricket Club
- Membership income decreased
- Administrative costs increased
*Year ending on 31st October, 2023
Source: Sussex Annual Report & Statement of Accounts (23 Pages)
16. Gloucestershire (£ 1.2 Million Loss)
- Division: Division Two
- Home Ground: County Ground (Bristol)
Financial Health Status: Red
Assessment: Two consecutive years of losses (Losses for 2023/2024 almost doubled), but they do not have the luxury of reserves like Sussex & Glamorgan.
Gloucestershire’s 2-Year Profit/Loss
| Total | 2024 | 2023 |
| Annual Total | – £ 1,190,000 | – £ 570,000 |
| Total Reserves | + £ 1,790,000 | + £ 2,980,000 |
*Year ending on 31st January, 2024
Treasurer’s Report Summary
“This year has been a challenging year financially for a number of reasons and there is no doubt it is disappointing to be reporting a second consecutive financial deficit…Fundamentally, our finances have been impacted by the fixed nature of the majority of our central funding and the fact the growth of the business has not kept up with the rate of inflation…”
Positive Highlights from Gloucestershire Annual Report
- Hosting England v Ireland (Men), Hosting Women’s Ashes ODI
- Second fastest growth of any county in terms of ticket sales (although it still fell short of expectations)
- Cheltenham Cricket Festival
- Sponsorship and BS7 Gym
Financial Concerns for Gloucestershire County Cricket Club
- Inflation
- Operational Costs
- Catering
- “Didn’t sell as many tickets as anticipated”
*Year ending on 31st January, 2024
Source: Gloucestershire County Cricket Limited Financial Statements (30 Pages)
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17. Hampshire (£ 1.3 Million Loss)
- Division: Division One
- Home Ground: Rose Bowl
Financial Health Status: Red
Assessment: Things are not looking that great for Hampshire, who are on the verge of becoming one of the first County teams to sell shares to IPL team owners.
| Year | 2022 | 2021 |
| Annual Total | – £ 1,346,883 | – £ 1,535,292 |
| Total Reserves | + £ 2,440,783 | + £ 3,787,666 |
Group Strategic Report Summary
“The Group will look to consolidate its position as a leading leisure destination and international cricket stadium, although the Directors anticipate that a return to significant levels of profitability is unlikely in 2023 and 2024 given the poor allocation of international cricket in this period.”
Positive Highlights from Hampshire’s Annual Report
- Hotel and events saw a rise in operating profit
- Men’s Ashes in 2027, Women’s Ashes in 2031
Financial Concerns for Hampshire County Cricket Club
- Net debt at 31st December, 2022 is approximately £ 61,423,363.
It seems that Hampshire County Cricket Club is struggling financially. Earlier this year, it was reported that Hampshire are in talks with owners of Delhi Capitals franchise for a majority stake in the club. According to ESPNCricinfo, the club is valued at £100 million, but has £61 million debt.
*Year ending on 31st December, 2022
Sources: Hampshire Sport & Leisure Holdings Limited Financial Statements (41 Pages)
18. Yorkshire (£ 7 Million Loss)
- Division: Division Two
- Home Ground: Headingley
Financial Health Status: Red
Assessment: Despite an Ashes season, Yorkshire reported devastating losses in 2023. Financial (and social) overhaul is required at Yorkshire.
Yorkshire’s 2-Year Profit/Loss
| Year | 2023 | 2022 |
| Annual Total | – £ 7,050,776 | – £ 2,169,332 |
| Total Reserves | – £ 9,106,154 | – £ 2,054,488 |
Chair’s Statement Summary
“The 2023 financial statements presented to you are very clear—it was an Ashes year for us, which should have been productive and profitable, but in the event there was a huge trading loss for the Club. The reasons behind this are explained throughout the financial statements but 2023 was definitely Yorkshire’s ANNUS HORRIBILIS!“
“The Hundred continues to generate significant income for the Club.”
Positive Highlights from Yorkshire’s Annual Report
- Hosted Ashes at Headingley (provided £ 18.2 million revenue)
- Membership numbers increased
- New investment to come in
- To host Men’s Test again India in 2025 along with some other T20Is
- “The conversations around the Hundred are potentially extremely beneficial for us”
- Vitality Blast sales increased 14%
Financial Concerns for Yorkshire County Cricket Club
- More staffing in the executive team
- Cost of running a stadium
- Rising Interest rates
- Cricket Disciplinary Committee investigation, legal and professional fees, settlement of employment claims, governance, EDI plans, etc.
- No major capital investment
- Restructuring of County Age Group pathway
- Hosting and Administrative costs for Ashes
“It should be noted, however, that the costs of hosting the match, which include a staging fee payable to the ECB, stewarding and security, and the cost of delivering hospitality packages, were proportionally higher too, totalling £ 3.3 m.”
*Year ending on 31st December, 2023
Source: The Yorkshire County Cricket Club Annual Report and Accounts 2023 (44 Pages)
19. Bonus: Marylebone Cricket Club, The MCC (£ 7.7 Million Profit)
Financial Health Status: Green
Assessment: The MCC are doing really great at the moment on all accounts.
| Year | 2023 | 2022 |
| Annual Total | + £ 7,735,000 | + £ 2,849,000 |
| Total Reserves | + £ 82,916,000 | + £ 75,181,000 |
MCC Committee Report Summary
“We continue to evaluate the potential to own and manage a Hundred franchise based at Lord’s. It is anticipated that the ECB will put in place a new financial model from the start of the 2025 season and subject to more detail on the structure and economics of the tournament, we believe that owning a Hundred franchise could have a positive impact on all four of the Club’s objectives
“On the commercial side, income surpassed previous records across Retails, Tours of Lord’s, the Indoor Cricket Centre, Marketing and Advertising, Events and Experiences, shown within Catering and Hospitality, whilst performing strongly, was around 10% lower than the record World Cup year of 2019.”
Other Positive Highlights from MCC’s Annual Report
- Lord’s Test, Women’s T20I, and the Hundred saw 500,000 spectators at Lord’s
Financial Concerns for the MCC
- High Inflation, rising Employment Costs, rising energy costs
- T20 Blast attendance below expectation
Source: MCC’s Annual Report (108 Pages)
Final Thoughts
In the past five years, the ECB have made strides to bring financial stability and increase their standards in Test cricket (after success in the white ball game).
Bazball has partially changed how England fans view their Test team, but jury is still out on The Hundred. Will it help County Cricket in the long run?
It is evident with Yorkshire and Hampshire, for example, that things need to change. However, we also found that not all County teams are struggling. In fact, a majority are doing just fine and many of them have bounced back from the days of the pandemic.
With the IPL increasing its influence around the world, international schedule tightening, number of freelance players increasing towards the growing franchise leagues, County cricket and ‘traditional’ old school cricket is definitely under threat.
Will ECB’s new financial model change things up for the better or the worse? Will it help all the Counties or only some?
Only time will tell.
What do you think? Let me know below!
Thanks for reading. Hope you enjoyed reading this and learned something new. Cheers!
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Financial Glossary
Here are some of the definitions of terms we have used in the analysis above. The definitions are derived from various sources like Investopedia.
- EBIDTA: Earnings before interest, taxation, depreciation, and amortization
- Fair Value Reserve: Represents cumulative revalution gains and losses in respect of historic investment properties.
- Operating Profit: Total earning from its core business functions for a given period. An operating loss occurs when core business income ends up being lower than expenses.
- Total Comprehensive Income: Includes net income and unrealized income (ex: hedge/derivative financial instruments, transaction gains, etc.)
Also Read
If you liked this in-depth research article, you may also like the following articles:
- How Much Money Does it take the ICC to Host a Cricket World Cup? (Case Study)
- How Much Money Does It Take to Host a Test Match?
- ICC, I Plead You, It’s Time to Give Scotland & Netherlands Full Membership
- 15 Cricket Problems That Needs to Be Solved in the Next Decade | How to Fix Cricket 101
- Quota System in South African Cricket and Transformation Policy – The Complete Guide: Official Policy, Myths, Stats, and the 2015 World Cup Controversy
- The Comedy of Overs: Shakespearean Parody Starring English Cricket, The Hundred, And County Cricket
- Top 12 Richest Cricket Boards (RANKED 2023): Which Cricket Board Has the Highest Net Worth—BCCI, CA, ECB, CSA, or PCB?
- How Much Money Does it take the ICC to Host a Cricket World Cup? (Case Study)
- Salary of Cricketers (Men’s) from Each of the 12 Nations (2022)—The Complete Guide
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