NZC reports $6.84million surplus

New Zealand Cricket (NZC) has posted a post-distribution surplus of NZ$6.84million (US$5,138,550), according to the results of their annual general meeting. Income amounted for the 2008-09 year was $55.99m (US$42,039,643) - and was 57% up on the previous year thanks mainly to India's tour earlier this year, which also allowed NZC increase their financial distributions to member associations.

"With India touring during the past summer it was a key year for New Zealand Cricket," said chief executive Justin Vaughan. "The tour was a resounding success for the game and was also import ant for the commercial return it provided."

Expenditure at $36.37m (US$27,311,265) - as compared to last year's $29.33m - was attributed to increased insurance costs, higher commissions on broadcasting rights and greater spending on New Zealand A, Emerging Players and Under-19 tours. Revenue was also boosted by ICC events and foreign currency gains. Approximately $12.19 million will be shared by the associations, a 26&% increase on 2007-08.

NZC operates on a four-year cycle due to variations in revenue over that period and forecasts a surplus with the current cycle to end on May 31, 2010.