Cricket club announces record profits
Yorkshire County Cricket Club has reported record profits for the year 2019.
Last year saw Emerald Headingley Stadium, in Leeds, host the Third Specsavers Ashes Test Match, four ICC Cricket World Cup fixtures and a One Day International versus Pakistan.
This resulted in record profits with an EBITDA of £6,451,000 and debt at the club falling by £3.8m. This record breaking year eclipses the club’s results the last time it hosted an Ashes test in 2009.
Catering and pouring rights reverted to Yorkshire in 2019, another significant contributor to the financial success, producing a revenue of £611,000 in the first complete year.
Paul Hudson, director of finance at the club commented: “This has been an exceptional year financially. Due in large part to two specific events that occurred during the year. Firstly, the staging of four World Cup. Secondly, the Ashes, undoubtedly the standout financial highlight of the year, generating £4.7m in ticket sales, bolstered by another £1.9m of corporate hospitality revenue and pouring rights income.”
The results mean that net debt at the club is £18.34m, down from its 2016 year end peak of £24.64m.
However Mr Hudson acknowledged 2020 looks set to a difficult year for the club with it only hosting two international fixtures.
He said: “We’re going from five one-day international matches in 2019 (including the ODI between England and Pakistan) plus an Ashes Test, to two evening international T20s.
Highlighting that the two periods from a financial perspective are “incomparable”, he added that the club still hopes to break even but has no plans to make major loan repayments this year.
