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March 8, 2010
Kent have announced a loss of more than £800,000 for the financial year, £110,000 worse than the previous year.
The figures for the 12 months up to 31 October 2009 show two pop concerts held at the St Lawrence Ground incurred losses of £190,000 which undermined the 30 percent increase in gate receipts.
Simon Philip, treasurer of Kent, blamed the losses on the "continued delay of the club's redevelopment scheme".
Despite their financial troubles Kent enjoyed a productive season on the field last year, winning Division Two of the Championship and they have strengthened their team during the off season by signing Sri Lankan legspinner Malinga Bandara and securing Stuart Clark's return to the county.
Philip feels the losses are the outcome of more long-term problems. "The most difficult trading conditions for generations have wreaked havoc on our finances. Lessons clearly need to be learned from the sorry tale of the past few years," he said.
"A five-year financial plan, which accepts that it may be some time before healthy economic conditions return, is now being constructed to make sure we get the balance right. Managing this balance will not be straightforward."
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