New Zealand Cricket receives financial boost

New Zealand Cricket (NZC) has announced a pre-distribution surplus of NZ$14.67 million in its annual report for the 2006/07 financial year. Overall, NZC recorded a profit of $6.46 million after distributions to major and district associations amounting to $8.21 million.

"Income from the ICC in relation to the ICC Cricket World Cup 2007 was in line with forecast," Justin Vaughan, the CEO of NZC, said. "With most of NZC's overseas revenues being received in US dollars the result for the year has been impacted significantly by the value of the US dollar."

"The amounts being distributed to major associations have increased significantly in recent years, assisting the growth of the game throughout New Zealand."

Vaughan also thanked Martin Snedden, his predecessor, who had now joined Rugby New Zealand. "During his tenure, Martin was faced with a number of major issues both internationally and at home. He navigated his way through each of these issues with great skill and ensured the best interests of cricket in New Zealand were at the centre of each decision.

"On behalf of the board I would like to thank Martin for his outstanding leadership of NZC during this time," Vaughan said.

New Zealand Cricket, meanwhile, confirmed two appointments to its board of directors. Sir John Anderson, the chairman, was re-elected for a further term.

Brent King was also appointed on to the board, as a replacement director for Vaughan, who resigned from the board in May 2007 to take the CEO position. King is currently Chairman of the Auckland Cricket Association and a director of a number of private companies. Don Neely, President of NZC, was also appointed for a further one-year term.