Struggling Kent report huge losses

Kent's financial problems continue to grow after they reported pre-tax operating losses of £706,536 for the financial year ending October 2008.

The huge deficit came about because of the failed plans to redevelop the ground at Canterbury. They spent £1 million on architects and other professional fees and costs connected with the scheme.

In an attempt to put a positive spin on matters, county treasurer Alistair Dunning said the figure did not "take into account the values of those three plots of land which have considerably increased now that planning permission is in place." However, it is widely believed that in the current climate developing the land is almost impossible.

In what many members will see as an understatement, chairman George Kennedy said that the shortfall was "extremely disappointing" although he added that a budget review "should result in an outcome closer to break even" in 2009.

Aside from the building costs, Dunning cited poor weather, a decline in sponsorship and membership income and "the adverse economic environment".