Group Created with Sketch.
Volume 6 No. 262

Finance

Durham County Cricket Club revealed it is "moving into a position of strength," according to Jo Kelly of THE NORTHERN ECHO. The club unveiled its accounts for last year and said that its net asset position was "the strongest it has been" since '10, thanks to a "number of factors," including a positive profit from hosting the West Indies int'l T20 match, additional England & Wales Cricket Board distributions and reduced loan interest payments. The club also said that its financial plan should see the council debt -- now in the form of preference shares -- "paid off in full, ten years earlier than under the previous loan." The accounts also revealed that the club "received the most performance related funding" from the ECB across all counties with respect to developing England qualified players. Durham County Council CEO Terry Collins said, "The sell-out fixture between England and the West Indies provided a real boost to the local economy, raised the profile of Durham on a global scale and illustrates the value of hosting international matches in our region." The accounts show that there was "also significant growth across all commercial revenue streams" (THE NORTHERN ECHO, 1/19).

Newcastle Falcons were served for unpaid tax bill on Dec. 12.
Photo: GETTY IMAGES

Premiership Rugby side Newcastle Falcons was served with a winding-up petition over an unpaid tax bill on Dec. 12, according to Alex Lowe of the LONDON TIMES. The club "paid the majority of the bill on receipt of the legal threat" from U.K. tax authority HMRC but there was reportedly still around £100,000 ($138,600) outstanding until the start of last week. Newcastle sources said that the club paid the final balance on Wednesday, "hours after details of the winding-up petition and the court date had been published." The club now believes that the case, scheduled to be heard on Feb. 7 at the Royal Courts of Justice in London, will be annulled, although there was no record on Thursday of a dismissal notice "having yet been lodged." It is the third recorded occasion in two years that Newcastle has "flown close to the wind with the tax authorities." The Newcastle Chronicle reported in April '16 that the club "had faced two winding-up orders in the space of a few months, but paid the outstanding balance on both occasions" (LONDON TIMES, 1/19).

The oustanding tax demand by the income tax department of the BCCI "may go up" to more than Rs 860 crore ($129.3M), according to a response to intervention reply from the department. The tax department said that the total tax payable by the BCCI until Jan. 9 was Rs 1,325.3 crore for the assessment year '14-15, of which it had paid Rs 864.8 crore, leaving an outstanding tax of Rs 460.5 crore. The reply said that for '15-16, the assessment will be completed and the department is "likely to raise a demand" of Rs 400 crore on the cricket body, taking the total pending demand to Rs 860.5 crore (PTI, 1/19).

National League club Hartlepool United is "on the brink of administration" with debts of £1.8M ($2.5M) and immediate bills of £200,000 ($277,188). Fans of the club organized a sell-out for the Saturday home game against Wrexham alongside an online fundraising campaign that raised £67,000 ($92,858), meaning players "will be paid next week" (SKY SPORTS, 1/20).

Kit supplier PlayerLayer raised £7M ($9.7M) to "help it expand overseas." The company designs customized strips for teams including British speed skating, England lacrosse and American football side London Blitz. Pembroke VCT was among the big backers in the fundraising round (SUNDAY TIMES, 1/21).