Northamptonshie County Cricket Club posts Â£230,840 profit despite losing major sponsors
Annual profits of Â£230,840 have been reported by Norhamptonshire County Cricket Club...up on the Â£18,807 made the previous year.
Club chairman singled out coach David Ripley and chief executive Ray Payne for the results for the financial year ending September 30, 2016.
“I am exceptionally proud of this fantastic result and financial turnaround. It is testament to the hard work and belief that has gone on in the past two-and-a-half years by all stakeholders involved with Northamptonshire County Cricket Club.
“My first appointment was Ray Payne as CEO. He has proved what superb qualities he has in selecting a skilful structure to deliver profit whilst maintaining an excellent cricket team.
“David Ripley has been quite magnificent; he has exceeded the board's expectations not only winning the T20 for a second time but producing England representative players. The future is very bright at Northamptonshire County Cricket Club but we cannot be complacent," he added.
A spokesman for the club said the turnover had remained comparable to the previous year, with contributions from the ECB remaining the same.
"Whilst the club was disappointed to lose some of its main sponsors at the start of the season; success on the field meant that this income was replaced by increasing ticket sales, and growing support from the Northamptonshire business community and cricketing fans," he added.
EBITDA showed a profit of Â£230,840 compared to a profit of Â£18,807 in 2015.
"This result was in line with the directors' expectations at the start of the financial year. The club continues to engage with the local community, developing links with local businesses, bringing in new sponsors and increasing the interest surrounding the club," the spokesman said.
"The club continues to promote the newly transformed facilities at the ground so as to develop a significant non-match day income which is essential if the club is to progress on the cricketing front.
"The financing arrangements put in place to improve the clubs working capital position have stabilised the clubs financial position and the club now generates a positive cash flow and that will remain an objective. The directors will provide an update on the proposed share issue at the AGM taking place on March 30," he said.