Glamorgan announce financial losses
Glamorgan have reported an operating loss of £1.7million for the financial year ending December 31 2011.
The Welsh county’s financial performance was influenced by the £1.2m loss sustained from staging England’s rain-affected Test against Sri Lanka last May.
The retained loss for the year amounted to £3m after the club took into account additional charges associated with the SWALEC Stadium re-development project.
Last month Glamorgan announced that terms had been agreed with their existing lenders and new investors for a financial restructuring that will put the club on a sound financial footing for several years.
Glamorgan chief executive Alan Hamer said: “Our 2011 results put into perspective the financial challenges the club has faced over the past few years.
“The challenging economic environment and the burden of servicing the debts were compounded by the losses incurred in staging last year’s England v Sri Lanka Test match and further one-off charges.
“If you exclude these, the underlying performance of the business was comparable to the previous year. Whilst last year’s financial results were extremely disappointing, the club’s financial future looks much improved and our accounts have been given a clean bill of health by our auditors.
“Last September, the club was awarded a gold international match package by the England and Wales Cricket Board, which will now see the SWALEC Stadium stage a further 17 days of international cricket in the next five years at greatly reduced fees.
“Our 2012 membership numbers are also the highest they’ve been for the past five years and over 60% of the tickets for both this year’s England v South Africa one-day international and Friends Life t20 finals day have already been snapped up.”
Chairman Barry O’Brien added: “Over the past 12 months, the club has had to deal with some significant challenges. Action has now been taken to address these and the other factors contributing to the losses incurred in 2011.
“The recent announcement confirming that the club had successfully restructured its finances will have a material beneficial impact on the club’s future financial performance. We can look forward to 2012 and beyond with renewed confidence.”