Sussex And Glamorgan County Cricket Clubs Reveal Latest Financial Numbers
Sussex County Cricket Club announced a deficit of £325,375 ($493,333) in its accounts for the financial year to Oct. '12, according to the BBC. The club recorded an operating surplus of £227,775 ($345,352) "but depreciation of assets led to an overall loss." Sussex Chair Jim May said, "Sussex is a stable club with no borrowings and cash reserves of around £1 million. The county club business model is marginal and without our success in one day competitions, Sussex would have made an operating loss." Sussex treasurer Simon Crundwell added: "Whilst a £227,000 operating surplus is a credible outcome, it was boosted by the one-off receipt of £133,000 in respect of the settlement of a legal claim. Alongside continuing challenging economic conditions, the unseasonal weather in 2012 contributed in part to our match income being 22% down on [the] prior year" (BBC, 2/27).
MORE CRICKET: Glamorgan County Cricket Club reported an operating loss of £315,793 ($478,805) for the financial year, yet announced a positive earnings before interest tax depreciation and amortization of £398,882 ($604,784). The county’s EBITDA represents a year-on-year improvement of £2.07M ($3.1M) while the aforementioned operating loss compares with a £2.06M in '11. The net cash balances on Dec. 31 2012 totaled £481,027 ($729,333) (Glamorgan County Cricket Club).