{"id":2060184,"date":"2020-05-19T08:00:17","date_gmt":"2020-05-19T07:00:17","guid":{"rendered":"https:\/\/www.thebusinessdesk.com\/northwest\/?p=2060184"},"modified":"2020-05-19T08:15:38","modified_gmt":"2020-05-19T07:15:38","slug":"record-results-before-covid-19-left-cricketing-world-stumped","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/northwest\/news\/2060184-record-results-before-covid-19-left-cricketing-world-stumped","title":{"rendered":"Record results before COVID-19 left cricketing world stumped"},"content":{"rendered":"

A high-scoring partnership between its cricket and events businesses last year had put Lancashire Cricket Club in a strong position before being caught out by coronavirus.<\/p>\n

Cricket World Cup matches and a five-day Ashes Test saw international match revenues generate \u00a317.5m while its conference and events business contributed \u00a38.4m.<\/p>\n

This pushed the Old Trafford club to set new records – its record turnover, of \u00a334.0m, and its best-ever EBITDA, of \u00a37.6m, which it says is the best operating performance of any first-class county.
\n

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Lancashire Cricket chief executive Daniel Gidney<\/p><\/div>
\nLancashire Cricket chief executive Daniel Gidney said the achievement of more than \u00a330m of non-broadcast revenues was “truly remarkable and, to put it in perspective, better than some Premier League Clubs”.<\/p>\n

It also secured new long-term banking facilities with Metro Bank, consolidating all its existing debt, significantly extending the repayment profile and reducing the annual interest burden.<\/p>\n

Finance director Lee Morgan said: \u201cThe 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.”<\/p>\n

The England and Wales Cricket Board (ECB) has ruled out any professional cricket before July 1 and its new competition The Hundred, which includes Manchester Originals playing at Old Trafford, has been postponed until 2021.<\/p>\n

International cricket has not yet been cancelled, with work continuing to see how the Pakistan and West Indies Tests can still be played this summer.
\n

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Old Trafford (Credit: Matt Eachus)<\/p><\/div>
\nGidney added: \u201cClearly, 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.<\/p>\n

“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.”<\/p>\n

On the pitch, Lancashire finished as division two champions, securing an immediate return to the top division.<\/p>\n

Lancashire and Surrey are the only two first-class counties who have not furloughed players.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ashes and World Cup helped Lancashire Cricket enjoy ‘truly remarkable’ year<\/p>\n","protected":false},"author":18,"featured_media":2060187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"coauthors":[81],"class_list":["post-2060184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-featured-story"],"yoast_head":"\nRecord results before COVID-19 left cricketing world stumped<\/title>\n<meta name=\"description\" content=\"Ashes and World Cup helped Lancashire Cricket enjoy 'truly remarkable' year\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thebusinessdesk.com\/northwest\/news\/2060184-record-results-before-covid-19-left-cricketing-world-stumped\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" 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