Kent declare substantial loss
Kent have become the latest county to record a substantial fianncial loss from last season, declaring a deficit of £628,054 for the year ending October 2012.
During a season of horrendous weather and Olympic distractions, Kent struggled like most counties to balance their books and received their lowest gate receipts since 2004. The festival at Tunbridge Wells was almost entirely lost to the weather and Canterbury cricket week clashed with the second week of the London Olympics.
Gross earnings were actually an improvement on the 2011 season and the club insisted that their long-term plans remain in place. This includes the continued development at Canterbury, which began with new club offices and the sale of land for housing at the pavilion end.
They have signed a deal to develop the Old Dover Road side of the ground with a development company specialising in retirement properties. Similar property developments have funded ground improvements at Bristol and Taunton.
"We had expected to close the operating loss quicker than was possible last year, but it has to be remembered that it was an exceptionally bad year weather wise," chief executive Jamie Clifford said. "We put together a long-term financial plan for the Club in early 2011 and we remain on course. With activities over the winter months and our plans for this summer, we expect further improvements during 2013."