County news April 17, 2014

Lancashire earn record profit

ESPNcricinfo staff

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.