Warwickshire CCC announce record profits for the 2018/19 financial year
Warwickshire County Cricket Club has announced record profits for the 2018/19 financial year in the release of its annual report.
In a year that saw Warwickshire CCC’s Edgbaston Stadium host the opening Test of the men’s Ashes series and five prominent fixtures in the ICC Men’s Cricket World Cup, the club increased year-on-year turnover by 54 per cent to £26.6 million and its primary financial performance measurement of earnings before interest, tax, depreciation, and amortisation (EBITDA) nearly quadrupled to £6.2 million.
Craig Flindall, Chief Operating Officer at Warwickshire CCC, said: “Major match days are our principal driver of revenues and Ashes Test matches are the most rewarding and sought-after fixtures by all cricket venues.
“In preparation we took steps to maximise this opportunity, including the introduction of a ticket ballot to drive early demand and ensure prompt sell outs of days. We also made increased investment in our match day experience, particularly in our choice of food and drink options around the ground and a new cashless payment process that minimised queue times.”
The financial performance of the 2018/19 year ensures that Warwickshire CCC will make a capital repayment of £2.1 million on its loan to Birmingham City Council, which helped fund the first phase of redevelopment of Edgbaston Stadium in 2010 and 2011.
Flindall added: “Having won such a prestigious allocation of major matches over the next five years means that we have been able to develop an ambitious strategy which will be launched shortly, including the future development of the stadium. It will also mean that we will be able to meet our future debt repayment obligations and significantly reduce the Council loan further over the next five years.”
In 2018 Warwickshire CCC secured a 31-day allocation of England & Wales Cricket Board (ECB) major match days, between 2020 and 2024, including England men’s team Test matches in four of the five years and all five Finals Days of the Vitality Blast. Edgbaston will also be the home of Birmingham Phoenix men’s team in the ECB’s new premier short-form cricket tournament, The Hundred.
In August 2019 it secured a further eight-day marquee programme of women’s T20 cricket in Birmingham’s hosting of the 2022 Commonwealth Games.
In preparation for future cycles of fixtures, work will start in the summer of 2020 on the £85 million second phase of the Edgbaston masterplan, which includes the construction of 375 apartments, new retail and dining space and a new entrance plaza and Club car parks that will transform the stadium campus. Plans for the third and fourth phases of development will also be revealed in the Spring of 2020.
Neil Snowball, Chief Executive of Warwickshire County Cricket Club, said: “Whilst we’ve enjoyed a record financial year by maximising commercial opportunities around our high-profile fixtures, it’s imperative that we keep moving forward and innovating to grow our business and the game of cricket.
“We made good progress in capitalising on England’s incredible ICC Men’s Cricket World Cup win and achieved strong growth in our Membership and domestic T20 attendances.
“On the field, our increased investment in the Warwickshire pathway saw four players graduate from the Academy ranks to the senior men’s team, whilst our women’s team secured the Vitality County T20, which represents our first domestic trophy in the women’s game.
“The launch of our new strategy and third and fourth phases of the Edgbaston masterplan will reinforce our ambitions to be the ‘best cricket business in the world’ with further development of spectator and hospitality facilities that enhance the match day experience and the construction of an on-site hotel.”
©Cricket World 2020