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February 28, 2012
Glamorgan have announced a deficit of £1.7m for 2011, with additional costs and interest bringing the club's retained losses for the year to £3m. The results were significantly hit by the rain-affected England v Sri Lanka Test, hosted at the county's Cardiff ground last season, which resulted in a loss of £1.2m.
"Our 2011 results put into perspective the financial challenges the club has faced over the past few years," chief executive Alan Hamer said. "The challenging economic environment and the burden of servicing the debts were compounded by the losses incurred in staging last year's England v Sri Lanka Test match and further one-off charges. If you exclude these, the underlying performance of the business was comparable to the previous year."
"Whilst last year's financial results were extremely disappointing, the club's financial future looks much improved and our accounts have been given a clean bill of health by our auditors."
Earlier this month, Glamorgan reorganised their loan repayments, as well as secured £1.3m in funding from a group of private investors. Despite being deprived of hosting a Test on West Indies' tour this summer, Cardiff was awarded an Ashes Test for 2015. Glamorgan will stage 17 days of international cricket over the next five years, starting with an England ODI against South Africa in August.
Chairman Barry O'Brien added: "Over the past 12 months, the club has had to deal with some significant challenges. Action has now been taken to address these and the other factors contributing to the losses incurred in 2011. The recent announcement confirming that the club had successfully restructured its finances will have a material beneficial impact on the club's future financial performance. We can look forward to 2012 and beyond with renewed confidence."
© ESPN Sports Media Ltd.
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