Glamorgan announce improved financial results for 2014
Glamorgan Cricket Club have announced improved financial results for 2014.
The club made an operating loss of £88,000 for last year compared to £283,000 in 2013.
These figures come a week after Cardiff Council and other creditors wrote-off 70% of their share of the Welsh county's debt of £16m.
The figures will be presented to the club's AGM on 31 March, two days before the opening first-class match against Cardiff MCCU.
Glamorgan say that after "exceptional items" they made an operating profit of £131,000 in 2014, compared to a loss the previous year of £713,000.
It's understood the "exceptional items" refer to a loan from the England and Wales Cricket Board which was converted to a fee, in line with other counties' payments, and matters relating to an overpayment on debts to the bank.
"The Club has continued to maintain its trend of improving financial performance since 2011," said Glamorgan Cricket's Chief Executive Officer, Hugh Morris.
"Each year is heavily influenced by the number of days of international cricket we host and we will continue to see fluctuations in our profitability.
"Last December the club was awarded a major match package by the ECB covering the years 2017-2019, including ICC Champions Trophy and World Cup packages.
"This combined package will provide increasing financial security for the club with improvements in financial performance resulting in additional resources being fed back into the club in terms of investment into the team, the stadium development programme and community activities."
The club say revenue from domestic cricket was up by 39%, while they also report a "healthy profit" on staging a one-day international between England and India.
In addition to the council, the club's other main creditors - Allied Irish Bank and former club chairman Paul Russell - have also agreed to the restructuring proposal.
The club successfully hosted an Ashes Test at the Swalec Stadium with Australia in 2009 and will host a further Ashes Test this year.