Cricket Business : Big financial hole for Cricket Australia, ends year with $45.9Mn annual deficit

Cricket Australia has revealed it could be burdened with lost revenue and added costs of up to a whopping $120 million in a COVID-impacted summer in which it also remains in a financial fight with a host broadcaster.

The sport’s governing body confirmed a net deficit of $45.9 million at its annual general meeting on Thursday, a figure not unexpected as last summer was always going to be run at a loss with New Zealand and Pakistan in town.

Looking back on the year, there is no doubt we have had our challenges. We implemented a program of operational changes to deliver around $40m savings, which will in part help mitigate the impact of COVID-19 in FY21. Sadly, this program included a reduction of 40 roles from CA. While not easy, these decisions were made to protect our investment in community and high-performance cricket, while ensuring the game remains in robust financial health”, declared CEO Nick Hockley.

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Cricket Australia Financial Results : Check the highlights

  • Cricket Australia (CA) today announced its financial results for the full year ending 30 June 2020.
  • The 2019-20 financial year resulted in a net deficit of $45.9 million in line with budgetary expectations and the Long-Range Plan four-year cycle projections driven by tour schedules.
  • CA implemented a program of operational changes to deliver around $40 million savings, which will partly mitigate the impact of COVID 19 in FY21.
  • The Australian Men’s Cricket Team returned from the UK with the Ashes for the first time since 2001 – Australia now sits top of both the ICC Test T20I rankings.
  • The Australian Women’s Cricket Team successfully defended the Ashes in England and are ranked Number 1 in one-day international and T20 international cricket.
  • The inaugural standalone WBBL season had more than 60,000 fans attend matches across the tournament.
  • 86,174 attended the final at the MCG on Sunday March 8 2020, to watch Meg Lanning’s team capture its fifth T20 World Cup – the highest attended women’s sporting fixture ever held in Australia. It was the highest attendance for a women’s cricket match anywhere in the world, the biggest crowd of any sport in 2020 and the highest attendance for an international T20 match, women’s or men’s in history.