Middlesex Cricket can today announce that for the financial year ending November 2023, the Club has recorded a profit after tax of £131,000.
Since 2016, the year that Middlesex lifted the County Championship trophy, the Club has posted consecutive yearly losses, so the announcement of a profitable year in 2023 represents a significant turnaround in the Club’s financial performance.
Recent media coverage has brought into focus the financial challenges facing many of the 18 first-class counties, making Middlesex’s financial performance over the last 12 months all the more impressive.
In late 2021, following Andrew Cornish’s appointment as the Club’s Chief Executive Officer, Illa Sharma joined as Chief Financial Officer. They, together with the rest of the Senior Executive team, have subsequently overhauled the Club’s financial structure, ensuring the Club remains debt free and returns to profitability.
Speaking of the Club’s financial results for 2023, Chief Executive Officer, Andrew Cornish, commented:
“We are absolutely delighted to be able to announce a profitable year in 2023, which is the result of an enormous amount of hard work, dedication, and commitment from all involved at the Club, to ensure that we can operate as a sustainable business moving forwards.
“A huge vote of thanks must go to our members, whose loyalty plays such an important role in our success, as does that of our sponsors, whose ongoing support is equally as important. In particular, I would like to thank Illa and her finance team who have worked tirelessly with a great management team to transform our business.
“After such an extended period of posting significant losses, to turn the business around at a time when the game is under increased financial pressure, is a credit to everyone involved.
“Whilst there will still inevitably be challenging times, I am confident now, that the processes we have in place, make us not only a sustainable business, but puts us in a position to begin to rebuild our financial reserves as a Club and invest in future success.”
The annual report and audited accounts will be presented to members in April for approval at the Club’s Annual General Meeting.
