Kent facing "critical" period after recording financial losses for second consecutive year

The club recorded a budget deficit of £217,351 in 2020 after losing nearly £2million from membership subscriptions, ticket sales and catering contracts due to Covid-19

Kent County Cricket Club are facing a "critical" period after recording financial losses in excess of £200,000 for the second consecutive year.

The club’s total turnover for 2020 was £4.02million and showed an EBITDA (earnings before interest, taxes, depreciation and amortisation) surplus of £213,620. However, after taxation and deductions, the deficit for the year was £217,351 – up £15,419 on 2019.

In 2020, Kent received considerable income from the England and Wales Cricket Board, obtaining £634,073 in payments thanks to a new media deal with Sky TV and Covid-19 related grants.

The club also received £490,164 through the government furlough scheme to help subsidise employee salaries, grants and business rate holidays.

However, Kent saw a drop in income of almost £2million from other areas, including membership subscriptions, ticket sales, catering contracts and the St Lawrence Clinic – which generated £85,000 in profit in 2019 – due to the pandemic.

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Commenting on the financial results, Kent Cricket’s honorary 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."

The club’s AGM will be held via Zoom on Monday, March 29, 2021 at 7pm.

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