ECB announces losses worth 16.1 million pounds due to the COVID-19 pandemic- The England and Wales Cricket Board (ECB) on Tuesday announced an annual loss of 16.1 million pounds in the last financial year (FY) due to the COVID-19 pandemic. The overall revenue fell to 207 million pounds from 21 million pounds due to the postponement of ‘The Hundred’ and the cost of maintenance of the bio-secure bubble.
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,” as seen by Sky Sports.
Last year, England hosted West Indies, Ireland, Pakistan and Australia across the formats between July and September 2020. On the other hand, the Women’s team played against West Indies in five T20 internationals in September – with all games held behind closed doors.
The losses have are still better than in 2016 when they were down from more than £70m. The loss, which are now £2.2m, has been transferred to their reserves. The loss follows a £6.5m profit made in 2019.
Speaking to BBC, Scott Smith, chief financial officer at the ECB, said: “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,” he added.
The ECB reduced costs by stopping planned investments, furloughing staff and through redundancy, which has seen staff reduced to 331 from 389, the report added.
England men’s team are set to face New Zealand, India, Sri Lanka and Pakistan across the formats this summer, starting with a two-Test series against the Black Caps from June 2. The opening match will be played at Lord’s followed by a match at Edgbaston.
England women’s team will face off India – including a one-off Test in Bristol between June 16-19 – and New Zealand.
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