|Photos||Video & Audio||Blogs||Statistics||Archive||Shop||Mobile|
April 17, 2014
Lancashire have announced a record profit of more than three and a half million pounds for 2013, riding on the success of hosting an Ashes Test and completion of major stages of Old Trafford's redevelopment.
Although the county remains in debt to the tune of £13m, the 2013 profit of £3.54m is a dramatic turnaround from just two years ago, when they recorded a crippling loss of £3.96m on the back of lengthy legal battles over the redevelopment of the ground. Lancashire's previous record profit was £747,000 in 2006.
At the height of the long-running court cases, there were serious doubts about the future of the club as debt began to spiral out of control. At one point, in 2011, the players came close to not being paid.
"We have gone through some dark times," finance director, Lee Morgan told the Manchester Evening News. "But we are very proud of what we have achieved here. These results really set the club up for the future.
"Cricket is still our main focus and this will help us to invest more in cricket in this region. Having posted a loss of £1.5m in 2012, these figures represent a £5m turnaround."
The revenue from domestic cricket rose by 36% in 2013 and the club hopes to increase that further with the Friday evening NatWest T20 Blast matches this season.
The club also continue to benefit from a strong off-field income, largely based around The Point development and the new pavilion.
© ESPN Sports Media Ltd.
|Comments have now been closed for this article
His rapid improvement with the ball has been integral to England coming from behind to lead the series - but that is just one area where Moeen Ali continues to impress
On the eve of Mahela Jayawardene's final Test, his team-mate, best friend and fellow batting superstar Kumar Sangakkara speaks about what made him, and them, tick
His decisions in the England series have seemed to confirm that he does not care too much for the Test game. Maybe he should be concentrating on the World Cup
With too great an emphasis on limited-overs cricket, MS Dhoni's side have a set of skills and a level of concentration that are not commensurate with the necessities of Tests