Yorkshire County Cricket Club enters ‘exciting era’ after repaying £1.8m to lenders
The Yorkshire County Cricket Club has reported a further reduction in debt at the end of the 2018.
Throughout the last financial year, the club paid back £1.8m to its lenders. A further £3.5m of its debt is scheduled to be paid back in 2019, which will continue to reduce the interest cost each year.
YCCC also reported that the net result for the year was an earnings before interest, tax, depreciation and amortisation of goodwill of £515,000.
This figure has dropped when compared to 2017 (£1,144,000), which is caused by a reduction in funding from the ECB, as well as a reduced capacity at Emerald Headingley due to the ongoing construction work resulting in lower ticket and hospitality income.
Paul Hudson, Yorkshire County Cricket Club’s financial director, said: “Years which have seen significant investment in the ground and its facilities, followed by a period of financial stabilisation, the club is delighted to have paid back £1.8m to its lenders over the course of the year.”
In addition, YCCC also announced that the catering and pouring rights were reverted to the club earlier than originally scheduled, due to a new joint venture agreement with Leeds Rugby; and the construction of the Emerald Stand continued, on time and on budget.
Hudson added: “This is the start of an exciting era for the Club financially. Our agreements with Leeds City Council and various other partners relating to the new stand will allow us to move forward in a structured way.”
The next round of funding for the game from the ECB, covering the period from 2020 to 2024, will become apparent over the coming months. These figures will form the basis of structuring the next period of YCCC’s borrowing and repayments.
Mark Arthur, chief executive of YCCC, said: “The future for Yorkshire County Cricket Club looks really good, both on and off the field. Whilst we’ve been competitive on the field for a number of years now, and produced players for the England setup, the financial situation has always been a concern.
“Now that we’ve started to repay the debt and we’ve got positive income streams in future years, we’ve created a sound foundation for the long-term prosperity of the Club.”
