Lancashire Cricket Club have reported their highest-ever annual turnover of £34 million for last year, an increase of £20 million since 2015’s figures, alongside a very healthy £5 million profit.
The Red Rose will be pleased to be financially strong given the current COVID-19 pandemic that is impacting clubs heavily across all sports.
Last Summer’s ICC Cricket World Cup and the Specsavers Ashes Test series were played at Emirates Old Trafford, where Lancashire Cricket is based, and these boosted the club’s income massively with revenue of £17.5 million.
Lancashire also saw an £8.4 million turnover through conferences and events, with the Hilton Hotel at Emirates Old Trafford seeing its average annual occupancy rising from 71 percent to 78 percent.
And for the first time in ten years, Lancashire Cricket once again have a positive reserves balance of £1.7 million.
Lancashire Cricket Chief Executive, Daniel Gidney, said: “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.
“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.”
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.”
At the time of writing, Salford has 896 confirmed cases of Covid-19.
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