ECB funding cut blamed for Sussex Cricket loss - but there is good news too
A reduction in funds received by all first-class counties from the England & Wales Cricket Board (ECB) resulted in Sussex Cricket Ltd. announcing an operating loss of £414k for the year to October 2018.
This compares with an operating profit of £343k in 2017. These figures are for the consolidated accounts which include the activities of Sussex Cricket’s charitable arm, the Sussex Cricket Foundation.
The deficit was lower than budgeted for thanks to better-than-expected income from the club’s activities.
A sold-out tourist match against Australia and two successful concerts at The 1st Central County Ground, as well as money received as a result of the Sussex Sharks reaching the final of the Vitality Blast meant that, when ECB funding is removed from the equation, revenue for the year increased by 4%, or £229k, from the previous year to £5.76m.
Sussex Cricket chairman Bob Warren said: “The reduction in central funding will have had an impact on all first-class counties’ accounts, so I am very pleased that our finances continue to benefit from the careful stewardship of our treasurer, Ed Putnam and the Sussex Cricket finance team.
“I would also like to thank everyone at the club for their hard work and for ensuring that our performance was better than forecast.
“The next few years are full of potential for Sussex Cricket with a number of significant opportunities for us to make the most of.”
Chief executive Rob Andrew added: “We had budgeted for a loss in 2018, so for our financial performance to beat expectations is pleasing and testament to the hard work of everyone at the club, both on and off the pitch.
“Obviously, we want to be making a profit as often as possible and with the financial strategy we have in place for the next five years – which takes into account the funding we are set to receive from the ECB - we expect this to be the case over the medium term.”