COVID-19: ECB reports annual loss of £16.1 million
The England and Wales Cricket Board (ECB), on Tuesday, reported a loss of £16.1 million (nearly $22.78 million) in the past year. Reportedly, its finances were dented massively amid the COVID-19 pandemic. The previous summer saw the ECB investing heavily in bio-secure bubbles for staging bilateral series and tournaments, as cricket resumed in the UK. Here are further details.
As per reports, the turnover of ECB fell by £21 million to £207 million as a result of COVID-19 pandemic. The cricket board made huge investments in The Hundred, a new franchise-based league, which was postponed last year with COVID-19 scare. Across all formats, including First-class cricket, revenue losses are believed to be over £100 million.
The ECB is believed to have escaped the worst-case scenario by staging international assignments. Notably, international cricket resumed in July after the COVID-19-enforced break. The England men's side hosted the West Indies for a three-match Test series under a bio-secure environment. Ireland, Pakistan and Australia also visited the UK between July and September last year. Meanwhile, the women's team hosted West Indies in September.
The ECB could have faced a £380 million loss, had it lost the whole summer of cricket. "This has been a challenging year but by being able to stage international cricket and by taking decisive action early in the pandemic, we have been able to support the network and avoid a far worse financial scenario," Scott Smith, Chief Financial Officer of the ECB, said.
The ECB reported a record turnover of £228 million for the 2019/20 season. It garnered profits of £6.5 million for the financial year. Besides, the cash reserves were recorded as £17.1 million, up from £11.2 million. The 2019 World Cup, and the men's and women's Ashes series (all hosted by England) played a key role here.
England have several international assignments lined up at the moment. For starters, they will host New Zealand for a two-Test series. England will also play host to the ICC World Test Championship final between NZ and India. While India will stay back in England for the Test series, Sri Lanka and Pakistan are also scheduled to tour the nation.
