Lancashire Cricket Club has announced its best-ever financial report up to the year ending 31st December 2019. The clubs earnings of £7.6 million (before interest, taxes, depreciation and amortisation) is the highest ever of any First Class County, and it has also reported record turnover of £34 million and net profit of £5 million - new high watermarks in the club’s history.
The club reports that the figures were underpinned by international match revenues of £17.5 million, which includes hosting the ICC Cricket World Cup and the Specsavers Ashes Test series, as well as the growth of its conference and events business at the Emirates Old Trafford ground.
“2019 was a landmark year for the club when years of investment in talent and the infrastructure of Emirates Old Trafford was rewarded and truly reflected in our financial results. I’m delighted that all key business streams performed ahead of expectations,” said Daniel Gidney, CEO, Lancashire Cricket.
“To generate in excess of £30 million of non-broadcast revenues is truly remarkable and, to put it in perspective, better than some Premier League Clubs. These results are a record for published accounts, excluding minority interests and legacies, for any First-Class County and make this a proud day for the Red Rose.
“Clearly, 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. 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 for the benefit of our Members and supporters.
“I would also like to personally thank all of Lancashire Cricket’s stakeholders for their continued and overwhelming support, not only in the last few months, which of course have been hugely challenging for everyone involved with the Club, but also over a number of years too.
Finance Director and Club Secretary, Lee Morgan, added: “The 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.
“The Club has the venue in Emirates Old Trafford, talented people and recent track record of trading to demonstrate that, as well as being a much-loved local sporting institution, it is also a strong viable business with a platform that will enable us to return to our growth trajectory once we have navigated through the current crisis that is impacting our society, sport, leisure and events within that, so deeply.”
In January, Lancashire Cricket announced that Trafford Council had approved the next phase of the redevelopment at Emirates Old Trafford.
The significant development at Emirates Old Trafford includes plans for a new 4,850-seater stand, which replaces the Red Rose Suite, and is set to feature a pitch-view suite, enhanced Member facilities, a heritage centre, ticket office and retail shop which will face directly on to Brian Statham Way. The stand will take the capacity of Emirates Old Trafford to 26,700, making it the largest ground outside of London.
Also included in the plans is an extension of the award-winning Hilton Garden Inn hotel, which opened its doors two years ago at Emirates Old Trafford, due to its ongoing success.
The redevelopment plans coincide with the transformation of the suburb, including the Town Hall and surrounding areas into a new ‘Civic Quarter,’ which covers a 120-acre site taking in the Town Hall, Lancashire Cricket Club, the former Kellogg’s site including the University Academy 92 (UA92) campus, stretching up to the A56/Chester Road and White City retail park.
The Council proposals for the new area include building a new leisure centre; an improved public realm, opportunities for new homes and offices, and improved pedestrian and cycle routes. They also include the possible development of a new public piazza and ‘processional route’ linking Lancashire Cricket Club with Manchester United’s Old Trafford stadium.