Successfully staging the first Investec Ashes Test has helped Glamorgan announce an increase in profits.
The Welsh side have announced EBITDA (earnings before interest tax depreciation and amortisation) of £1,201,119 for the 2015 financial year, up from £579,297 in 2014.
Five days of sold-out international cricket, a significant increase in non-matchday income and record levels of sponsorship contributed to the increased earnings.
“We are pleased with these financial results which reflect the hard work that went into successfully staging the first Investec Ashes Test match, driving incremental revenues across the business and good discipline around the control of expenses at the club,” said chief executive Hugh Morris.
FINANCIAL RESULTS: Glamorgan increased earnings before interest, tax and depreciation to £1,201,119 in 2015 pic.twitter.com/I52YCLmWk7
— Glamorgan Cricket (@GlamCricket) March 7, 2016
“However, we must acknowledge that our programme of major matches in 2015 will not be repeated in 2016, which combined with the ongoing need to invest in our venue, our professional team and our community projects, is likely to lead to a much reduced profit.”
Glamorgan have also reached an agreement with creditors to write down debt by about £11,500,000.
Treasurer Hamish Buckland added: “The completion of the financial restructuring is a watershed moment for the club.
“It has been a tough journey from the difficult days of 2011, but we now have a firm financial base from which to move forward.”
Source: ECB