Otago suffers financial loss, but future is brighter

Otago have put the building blocks in place and are now anticipating a return on the investments that have seen the development of two venues, at Queenstown and the University Oval, and the High Performance Centre in Dunedin. Today's annual meeting heard that the Association had not been able to repeat last season's surplus and had suffered a substantial, if budgeted, loss.

Graeme Elliott, Otago Cricket's chief executive, said the Association had suffered a loss of $106,858. The operating deficit after allowing for interest costs and depreciation was $17,055. He said the lack of opportunities to raise income, because of the lack of international cricket due to the World Cup, had affected the return. The return was close to the anticipated shortfall.

"The drive to raise the funds to complete the University Oval redevelopment continues. We are well on the way, and of the $6million required for the total project there remains around $300,000 to raise.

"The University Oval offers Otago Cricket a home ground for the full cricket season, and a ground made for cricket, with embankments and established trees in a sheltered area of the city. While we will see some cricket this summer at the Oval, it will be next summer that we will see the real benefits once the off-field facilities have been completed."

Elliott said the year had been a satisfactory one but there were still major financial hurdles to overcome. He added, "The strategic planning that has established the High Performance Centre, Queenstown as an international venue, and now the University Oval, will all contribute to improving our opportunities to place Otago Cricket on a strong footing, both within the game, and also financially."

Stuart Heal, the chairman of Otago Cricket, said: "The challenges of the professional era, ongoing financial challenges and the establishment of the Queenstown and University Oval grounds are projects that have been dominating the board's time. I believe good progress has been made in all areas although I am concerned about Otago Cricket's reliance on funds raised from within our community and from New Zealand Cricket. Funding is an ongoing issue as the board is determined not to compromise our coaching and development or other areas of cricket as we build a stronger capital base."