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SBD Global/April 16, 2013/Finance

Lancashire County Cricket Club Reveals $2.3M Loss, Predicts Return To Profitability

County Championship side Lancashire County Cricket Club has predicted a return to profitability in the next financial year after significantly reducing its net debt and despite making an operating loss of just over £1.5M ($2.3M) for the year ended Dec. 31. With major redevelopment works due to be completed at the end of May, the recent announcement of the 10-year partnership with Emirates Airline and the return of the Investec Ashes in the summer, the financial outlook for the County going forward is in a healthier position. Despite the loss incurred during the year, the club’s net debt was reduced by more than £3.1M ($4.75M) and even though there has been significant investment in the ground, the underlying level of debt will only represent a very manageable 30% of the cost of the new stadium (LCCC).
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