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Helping Yorkshire County Cricket Refinance

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Yorkshire County Cricket is back in the black - Yorkshire County Cricket Club has reported a profit for the first time since 2009.

In results for the year to 31 December 2015, the club posted a profit after tax of £368k for the year. There was an increase in total income of £8.4m, up from £7.3m in 2014, which represents a 14 per cent growth on the previous year.

Income from the England and Wales Cricket Board (ECB) increased to £2.4m from £2.2m, reflecting increased receipts due to our development of England players and their representation in the national side.

Overall costs slightly increased by £1m to £7.8m.

During the year, the club received a grant of £700,000 from the ECB to help part fund the installation of new floodlights at a cost of £1.5m.

With Colin Graves’s appointment as ECB chairman in March 2015, it meant that the club had to refinance his loans so that the club would be financially independent from him. As a result, the club has refinanced some of its debt.

Paul Hudson, director of finance, said: "We have made further progress in 2015 and to report an annual profit for the first time since 2009 is a significant step forward. It is gratifying that turnover in all areas has increased consistently over the past three years and we expect this trend to continue in 2016.

"The successful completion of the club's refinancing was a watershed and we are confident that the existing debt is now at a manageable level. The club is in a stronger financial position than it has been at any time in recent years."

Jonathan Simms and Kaira Clarehugh of Clarion acted for Yorkshire County Cricket Club.

Source: Yorkshire Business Insider