Durham CCC Ready To Pay Off Debt 10 Years Early
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).