ECB declares £16.1m loss due to Covid-19 pandemic
The England and Wales Cricket Board (ECB) has declared a loss of £16.1m in the past financial year because of the Covid-19 pandemic.
The loss has been moved to their reserves, which are presently £2.2m, which was more than £70m in 2016. The misfortune follows a £6.5m benefit made in 2019.
“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.
“There remains considerable uncertainty over the year ahead, but we hope that delivering another full summer of cricket – and with crowds beginning to return from next week – we are able to protect the revenue we need to invest in growing our game,” Scott Smith, chief financial officer of the ECB said.
The postponement of The Hundred saw ECB revenue fell by £21m to £207m. Also the arrangement of the bio-secure cricket amid coronavirus pandemic was cited as the reason for this huge downfall.
The financial statement notes: “This fall in revenue and profit reflects the significant impact that Covid-19 has had on ECB’s finances due largely to the postponement of ECB’s new competition, The Hundred, until 2021 and the additional costs of creating bio-secure environments to host international cricket in a pandemic environment.”