Lancashire Cricket Club has announced its best-ever financial report up to the year ending 31st December 2019.
The club says its earnings before interest, taxes, depreciation and amortisation (£7.6 million) is the highest ever of any First Class County, and it has also reported record turnover of £34 million and net profit of £5 million - new high watermarks in the club’s history.
According to the club, the figures were underpinned by international match revenues of £17.5 million, which includes hosting the ICC Cricket World Cup and the Specsavers Ashes Test series, as well as the growth of its conference and events business.
“2019 was a landmark year for the club when years of investment in talent and the infrastructure of Emirates Old Trafford was rewarded and truly reflected in our financial results. I’m delighted that all key business streams performed ahead of expectations,” said Daniel Gidney, CEO, Lancashire Cricket.
“To generate in excess of £30 million of non-broadcast revenues is truly remarkable and, to put it in perspective, better than some Premier League Clubs. These results are a record for published accounts, excluding minority interests and legacies, for any First-Class County and make this a proud day for the Red Rose.
“Clearly, these are now tough times as the Club navigates its way through the current COVID-19 pandemic, but these results at least help relieve that financial burden. Our priority now is to work with our stakeholders to find a way for cricket to return as quickly as it is safe to do so. This will help us protect future revenues as much as possible and allow us to continue to invest in our infrastructure for the benefit of our Members and supporters.
“I would also like to personally thank all of Lancashire Cricket’s stakeholders for their continued and overwhelming support, not only in the last few months, which of course have been hugely challenging for everyone involved with the Club, but also over a number of years too.
Finance Director and Club Secretary, Lee Morgan, added: “The Club, through its re-financing with Metro Bank, its record 2019 revenues and raised level of core underlying trading, has created the best platform possible to manage and survive the uncertainties created globally by COVID-19.
“The Club has the venue in Emirates Old Trafford, talented people and recent track record of trading to demonstrate that, as well as being a much-loved local sporting institution, it is also a strong viable business with a platform that will enable us to return to our growth trajectory once we have navigated through the current crisis that is impacting our society, sport, leisure and events within that, so deeply.”