Derbyshire Cricket Club robust fiscal health

Article posted by Coliseum, April 7^th, 2023

Image: Derbyshire CCC

The Derbyshire County Cricket Club (UK) recorded its ninth surplus in 10 years for the year ending December 31^st, 2022, as the club announced it is debt-free two years ahead of schedule.

‘Derbyshire County Cricket Club’ stated that the club are able to announce a pre-tax surplus of £174,000 in 2022, which follows three years of positive financial results and have now achieved a key objective of becoming debt free significantly ahead of the 2024 target.

The Derbyshire County Cricket Club is one of 18 first-class county clubs within the domestic cricket structure of England and Wales (UK). It represents the historic county of Derbyshire. Its limited overs team is called the Derbyshire Falcons in reference to the famous peregrine falcon which nests on the Derby Cathedral.

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The 9,500-capacity County Cricket Ground is a cricket ground in Derby, England (UK). It has been the home of the Derbyshire County Cricket Club since 1871. The ground was first used by South Derbyshire Cricket Club in 1863 and was initially located within the Derby Racecourse, although racing ceased after 1939.

Said Ian Morgan OBE, Chairman of the Derbyshire County Cricket Club, “The club exceeded its financial targets once again in 2022. We had budgeted for a small surplus of around £50,000, but were able to achieve three times this in a challenging year, during which the effects of the COVID-19 pandemic were still being felt, coupled with the rising costs all business are facing across the board. This positive result has ensured the club is in a strong position and now debt-free, following four years of large surpluses. It is great credit to the tireless work of our executive team, off-field staff and the continued support of a number of key stakeholders, including our commercial partners and members, to whom we owe our gratitude.”

‘Derbyshire County Cricket Club’ further stated that the Club started to see a return of revenues to more pre-pandemic levels and particularly in ticketing, had a large revenue surplus versus budget.

Stated Ryan Duckett, Chief Executive, Derbyshire County Cricket Club, “In 2020 and 2021, we very much had to lockdown the business to reduce costs, ticket income, commercial sponsorship, and conference and events revenues were severely affected, but thankfully we have been able to rebuild the business over the last 12 months, back to pre-pandemic levels and in certain areas beyond. Having achieved our objective of becoming debt-free, we now have strong foundations to build on the positive progress made by Mickey Arthur (Head Coach) and the squad last year on the field and further invest in our facilities.”

Added Tim Baker, Chief Financial Officer, Derbyshire County Cricket Club, “The club has budgeted for another small surplus in 2023, with a focus on trying to manage rising costs in an increasingly challenging economic climate. We are mindful that 2023 will be a tough year financially and will continue to look for ways to grow our revenues and manage our costs to maintain this healthy financial position and ultimately continue investment in facilities and the cricket budget.”

The club has delivered on the objective, set by the Board of Directors, to be debt-free apart from a long-term mortgage by the end of 2024, two years ahead of the planned schedule. This was achieved by paying in excess of £2,000,000 of loan repayments over the last few years linked to the building of the WDS Business and Media Centre.

The club’s Annual Report and accounts were approved by Members at the Annual General Meeting held recently at The Incora County Ground in Derby, England.

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