Glamorgan Cricket Sees Record Profits Amid Wider Recession

Strategic Insights -

Glamorgan Cricket chairman Paul Russell yesterday highlighted the county's impressive financial results for 2008, which saw a pre-tax profit of £992,879, a 128% increase from the previous year's £434,355. The club's turnover also surged to £6.7m, a 115% increase from £3.1m in 2007. Russell attributed the success to the £14m investment in the Swalec Stadium, making it an international-standard arena capable of hosting the Ashes cricket series.

Key Takeaways:

  • Glamorgan Cricket reported a pre-tax profit of £992,879 in 2008, a 128% increase from £434,355 in 2007.
  • The club's turnover increased to £6.7m, a 115% increase from £3.1m in 2007.
  • The target for turnover in 2009 is around £11m, with a profit in the region of £2m.
  • The club repaid £250,000 of its bank loan in 2008, the first time in its history that any loan has been repaid.
  • Revenue from the one-day international between England and New Zealand was crucial to the club's financial success in 2008.
  • The deal to host England matches at the ground is an important part of Glamorgan's future in the coming decade.
  • Chairman Paul Russell expressed confidence that the Ashes Test will strengthen the club's financial position.
  • Glamorgan will face competition for hosting business events from the new Cardiff City Stadium, but Russell remains optimistic about the club's prospects.
  • The club's finance and commercial director, Alan Hamer, stated that the club's financial position continues to improve.

Statistics:

  • Pre-tax profit for 2008: £992,879
  • Turnover 2007: £3.1m
  • Turnover 2008: £6.7m
  • Increase in turnover 2007-2008: 115%
  • Target for turnover in 2009: £11m
  • Estimated profit for 2009: £2m
  • Repaid bank loan in 2008: £250,000

Sources:

  • As reported by Paul Russell, chairman of Glamorgan Cricket, during a press conference on [no date provided] at the Swalec Stadium.
  • *Paul Russell, chairman of Glamorgan Cricket*, "The major sources of income for modern cricket are from corporate hospitality and brand association, as well as conferences and banquets that we are capable of staging here."