Healthy profit for Leicestershire

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Leicestershire's memorable Friends Life t20 triumph was a factor in the club's total income increasing by around £650,000 in 2011

Leicestershire have announced a profit of £294,022 for the financial year ending September 30 2011.

The club’s total income increased by around £650,000, thanks to increased funding from the England and Wales Cricket Board and donations from members.

Victory in the Friends Life t20 and Leicestershire’s subsequent participation in the Champions League Twenty20 also provided a boost, while major savings were made in the coaching department to help keep expenditure under control.

Chief executive Mike Siddall was understandably pleased with the figures after the club posted a loss of over £400,000 the previous year.

“The board is delighted to see a healthy profit after the massive loss in 2010,” said Siddall.

“We have implemented a number of measures to bring the club's finances under control. The club has no debt and all payments to HMRC and creditors are up to date, which is a far better position than we were in 12 months ago.

“Leicester City Council has signed a deed of variation with regard to the covenant on Grace Road which now gives the club some tangible security to offer its bankers.

“However, the current year will not have the benefit of the exceptional income received in 2011 and, with the economy close to recession, commercial income is difficult to secure.

“The directors have set a break-even budget for 2012 and we will need the support of members and corporate sponsors to achieve this target. With this in mind we have strengthened the commercial department in order to produce greater sponsorship and related income.”

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