SUSSEX County Cricket Club have announced a loss of £124,000 for the last financial year.
The figure, which ran to the year ending October 2011, comes as a cut from the previous year’s £171,000 loss, and despite a seven per cent increase of operating income to over £5.2million.
Chief executive Dave Brooks: “The year to October 2011 has seen steady progress for the club and also continued change. With the £8m ground development program coming to a conclusion, the club now has an excellent facility available all year round for both cricket and non-cricket events.
“The management team look forward to developing the club on and off the field to ensure a sustainable future for cricket in the county at all levels. We are proud of our achievements over the last three seasons and remain determined to be one of the leading counties in all aspects of our business.”
Treasurer Simon Crundwell continued: “In interpreting the club’s financial performance it is important to note that the final deficit is struck after depreciation of £403k, which has increased materially from £233k in 2010, as a result of the ground redevelopment.
“This reflects a prudent approach by the board to write off the value of our building over periods up to a maximum 50 years as opposed to some clubs who write their building assets over periods in excess of 100 years.
“In addition, we have chosen to show the £300k ECB income offered in recognition of the ground standards delivered by the club as an exceptional item given this is a non-recurring sum. This offers our members a good understanding of the underlying trading position of the club and shows the sustainable foundation we have created to build upon.”
Sussex chairman Jim May added : “We are pleased by the continuing progress on our trading position. This is especially notable as we received very little interest income compared with three years ago due to falling interest rates.
“Our timing in investing the vast bulk of the Spen Cama legacy in ground improvements has been fortunate. Whilst 2012 may be challenging economically, we look forward to the season with optimism at our lovely redeveloped ground as I believe that under Dave Brooks, Mark Robinson, and Michael Yardy’s leadership, we are well placed with a settled team on and off the field which has the capability to deliver continued growth and success for the club.
“2012 has started positively with continued growth in our sponsorship base. We will continue to invest in cricket at all levels of the game as we recognise the importance of a healthy recreational sport in the county, allied to a strong community presence, in assisting our professional cricketers to compete on all fronts in a busy domestic campaign.
“With excellent execution and a fair wind, there is good reason to believe we can continue to challenge as leaders in the sport in all aspects of the business and game of cricket.”