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Gloucestershire cricket: County announce loss of £122,000

By The Citizen  |  Posted: April 15, 2014

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GLOUCESTERSHIRE posted an "extremely disappointing" and "clearly not sustainable" loss of £122,000 for the last financial year.

The worrying figures that were released to members this week come after a year of relative success on the field and a bumper Cheltenham Festival.

They also take into account a legacy of £115,000 left to the club by a member, meaning that the operating losses were nearly a quarter of a million.

In his address to members, chairman Roger Cooke said that despite the financial loss, much has been achieved in his first year in the post.

Pointing to the ground development, appointment of new chief executive Will Brown and the development of a host of young academy players, Cooke said there was reason for optimism.

But Cooke also revealed that the club have taken a "very careful review" of finances when budgeting for the current season with costs rising both on and off the field.

Cook said: "I took over as chairman in April 2013. It has been a challenging first year, but much has been achieved.

"The first part of our ground development has been completed with the opening of our extended and refurbished pavilion in August 2013.

"We have incurred a deficit of £122,000 n the financial year. This is extremely disappointing and is clearly not sustainable.

"The budget for the coming year has been based on a very careful review of all our income streams and cost centres."

The figures show that spending on the playing staff went up by £136,000 as the county added skipper Michael Klinger and Dan Christian to the squad, and signed spinner Tom Smith on loan.

Treasurer Tony Elgood noted in his statement to members that part of the cost for Klinger – who the county are already speaking to about a new deal for next year – was part-funded by a deal with caterers Centreplate.

The rest of the losses came from the increased spending on temporary facilities and cleaning costs needed while the new pavilion was being built and from the interest on the loan taken out to rebuild the ground.

Elgood said: "We still have borrowings of £2.5million which will need to be paid off in due course… which will be repaid over a 15-20 year period.

"Both the repayment of these borrowings and the interest payments, particularly if interest rates rise, will put considerable pressure on our cash flow for some years to come."

The good news shows that gate receipts went up by £26,000 despite the reduced capacity of the county ground at Bristol affecting the income for the big one day clashes with local rivals Somerset.

A sunny Cheltenham festival income of £183,000 contributed more than half of the £329,000 taken on the turnstiles.

That figure is an increase of nearly £50,000 from the previous season with the three Twenty20 games at the College Ground raking in a whopping £112,000, over a third of the overall gate receipts for the year.

Those figures contributed to an overall revenue of £3.429 million for the year, up from £3.305 million in the previous year.

The share of income from the ECB fell from £1.827 million to £1.649 million while membership revenue also fell by £5,000 as the total number of members fell from 1,967 to 1,926.

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