Sussex CCC Announce Surplus
Sussex County Cricket Club today announced a surplus, after tax, of £203,534 in the year ended 31 October 2008. An operating deficit was covered by interest earned on bank deposits.
Within the figures, the Club also received £356,972 as the last instalment of the Spen Cama legacy and wrote off exceptional expenditure of £328,703 that had been incurred to date in the ground redevelopment project at Hove.
Sussex Chairman, Jim May, said: “In some respects, the trading performance was disappointing, as we failed to achieve our income forecasts in 2008. However, we are pleased that Dave Brooks, who has a strong commercial background from industry, was appointed Chief Executive of Sussex Cricket last month, with a brief to drive our income to support our successful cricket set up. We have a clear aim to break even at the operating level within 3 years, something we are confident we can achieve despite the challenging financial climate.
“In these numbers, we have taken the opportunity to write off the development costs incurred to date although the planning permission granted does have value and we have undertaken work that will be useful in the future.
“Members will be updated on our plans for the redevelopment of Hove at the AGM on 31 March. The project is likely to take place in modular phases over a number of years.
“At Sussex we are determined that our County will be well placed to remain a success story. Our major challenge as a Board remains the need to improve the business side to sustain the cricket.”
© Sussex CCC