Leicestershire County Cricket Club has announced its financial results for 2018-2019, reporting an operating loss of £132k for the year ended 30th September 2019.
LCCC’s commercial revenue streams for the year increased by 5% to £1.47m (2018: £1.37m) with £22k generated from a programme of non-cricket events, including concerts and films. In addition, matchday receipts in all formats increased by £19k (17%) and the club’s T20 attendances were the highest for ten years.
The cricket club noted a reduction in overall income during the year to £4.1m (2018: £4.5m, 2017: £4.2m), principally due to lower ECB grant income, contributing to an overall deficit of £364k (2018: £299k deficit).
The club recently secured a loan of £1.75m from Leicester City Council to support internal financing and further investment into the club.
The club is forecasting a return to profitability for the 2019-20 financial year.
Leicestershire CCC Chief Executive Karen Rothery said events were just one element of the club’s new strategy to increase revenue and secure the long-term financial future of the club.
“A bold membership strategy, a new business club – The Foxes 50 – and further growth in our non-cricket events and functions is beginning to transform the club to Leicestershire’s premier outdoor venue. The club has made some significant changes to improve its financial future by implementing its new commercial strategy,” she said.
“The club has continued its work with key stakeholders over the past 12 months to stabilise and strengthen its financial position in particular. The strong partnership with Leicester City Council has been invaluable in establishing a stable position and the ECB has provided guidance and support in what proved to be a difficult year. In addition, the ECB has made new funding available for ground improvements.
“There is now much to be positive about in terms of financial sustainability and viability. The ECB has recently announced some additional funding in recognition of hosting The Women’s Hundred competition, and our new commercial strategy will deliver steady growth to our commercial incomes.
“2019 was, as expected, another challenging year, but despite the disappointing final outturn, there were significant improvements over the previous year in controlling expenditure and at EBITDA level.”