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‘We are facing a critical year from a financial viewpoint’

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Kent County Cricket Club’s financial figures have seen the club post a loss for the second successive season.The impact of Covid-19 meant that no spectators were able to watch Kent play in 2020 and Kent saw a drop of nearly £2million in income from memberships, ticket sales and catering.Kent cricket reported a loss of just over £200,000 in 2020. Picture: Andy Jones (43437984)But they were able to take advantage of the government’s furlough scheme to help keep the loss down, as well as an increased grant from the ECB.Kent treasurer Derek Taylor said: “We are facing a critical year from a financial viewpoint.“Members and supporters should be comforted by the quality and expertise of our executives and staff, who have responded in an outstanding manner to the crisis, to ensure we are still operating a strong and successful business.

“We should all be grateful to them for the commitment and time they have devoted to the club to get to this position. We shall need the same effort in the coming months.”Figures for the year ending October 31, 2020, came out on Tuesday and showed an EBITDA, (earnings before interest, tax, depreciation and amortisation) surplus of £213,620 – a drop of just £4,000 on the previous year.After interest, depreciation and the net impact of other items, the deficit for the year after tax was £217,351 – an increase from last year’s £201,932 loss – with turnover down from £4.77million to £4.02million.Income for 2020 was helped by an increase of £634,073 in payments from the England and Wales Cricket Board (ECB), mainly due to a combination of the new media deal and enhanced grants due to Covid-19.
The business initiatives and financial support from government through the furlough scheme, subsidising the salary costs of employees, grants and business rate holidays were key to the club getting through the summer. A total of £490,164 was received under the furlough scheme.The club’s AGM will be held virtually via Zoom on Monday, March 29, at 7pm.Read more: All the latest sports news in KentAll Kent SportCanterbury SportKent Cricket KentOnline reporter