Sussex announce results for 2016/17 financial year
Sussex Cricket Ltd. is pleased to report an operating profit of £343k for the year to 31st October 2017.
This compares to £1k in the prior twelve-month period. These figures are for the consolidated accounts which include the activities of Sussex Cricket’s charitable arm, the Sussex Cricket Foundation, which showed a small profit in the year.
The increase in profit largely came from the extra funds received by all first-class counties from the England and Wales Cricket Board (ECB) during the accounting period, bolstered by strong match income from T20 and a successful tourist game against South Africa. The company’s total net worth stands at £10.16 million with no external debt.
Sussex Cricket Chairman, Bob Warren commented: “Given that, in general, finances in cricket remain challenging I am pleased that Sussex Cricket is continuing to ensure that the club’s finances are being managed in a responsible manner.
“This careful management, led by our Treasurer, Ed Putnam and the in-house finance team, means that we can continue to invest in our squads and our facilities.”
Chief Executive, Rob Andrew added: “We are developing a longer term operational and financial strategy now we have greater visibility on our finances until 2024.
“We will continue to develop our own players where we can and feel we have a squad with a good balance of youth and experience.
“During 2018 we will also create a masterplan for the next stage of ground development at Hove.
“Over the medium term the club expects to make operating profits having budgeted for a deficit in 2018.”