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Club announces hefty loss 2007 floods cost Worcestershire £1m January 21, 2008
New Road, the county's home ground, wasn't fit to host any Twenty20 Cup matches in what is a highly lucrative tournament, and no cricket was played at the ground after June 21. Consequently, and in spite of an insurance pay-out of £300,000 and an ECB grant of £75,000, the club made a pre-tax loss of £693,211. "The impact of the floods last summer is well documented and these figures show how big an impact they have had on the finances of the club," Mark Newton, Worcestershire's chief executive, said. "For the previous four years we posted a surplus and we have a strong balance sheet. This, together with help from many sources including our bankers at Clydesdale Bank and the Inland Revenue, ensured the club survived such a devastating year. "I would go so far as to say it was probably the worst disaster to ever hit a county cricket club as a result of an act of God, and our players deserve full credit for achieving what they did. "Our recovery plan is well advanced and we have received significant help from many individuals and a number of organisations since September which will be reflected in next year's accounts," Newton said. "We expect it will take two years for us to fully recover financially but we are sending out the positive message our cricket budget will remain ring-fenced and we intend to raise considerable funds ourselves during 2008 and 2009." The club's AGM takes place on Monday February 18 and, worryingly for the members, New Road was again under water as recently as last week, swamping the newly-laid outfield. © Cricinfo
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Stories Kidderminster bails out flood-hit Worcestershire New Road ruled out for the season Worcestershire announce new venues Worcestershire lose kit in floods Teams Grounds |
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