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New Zealand Cricket facing ‘challenging year’ after 2018/19 financial loss
New Zealand Cricket remains optimistic about its financial outlook for the coming four years despite recording a $1.3 million net loss during the 2018/19 financial year.
The sport’s newly released annual report revealed that it had budgeted for a $1 million profit for the year ending 31st July 2019, but saw distributions from the International Cricket Council (ICC) fall US$2 million short of what it had forecast - marking the third consecutive year that New Zealand Cricket (NZC) has returned a net loss after recording losses of $3.5 million for 2017/18 and $9.3 million for 2016/17.
While $59.4 million in revenue was generated for the financial year, the annual report advised “the outlook for the 2020 financial year remains challenging, as NZC enters the final year of current broadcast arrangements and a number of financial contracts.
“This means a continued focus on operational spend and delivering on the opportunities from England, India and Australia touring.”
NZC added that it anticipates its financials will improve in the long run, with payments from the ICC between 2016 and 2023 expected to see full members receive approximately US$128 million over the eight-year period.
However, the major amount of those funds are expected to come towards the end of the cycle, which culminates with the ICC Cricket World Cup in India.
The annual report added “the outlook to 2023 is positive, with revenue growth opportunities and with ICC distributions remaining strong as the cycle to 2023 is completed.”
NZC also recently signed a new six-year media rights partnership with sports streaming subscription service Spark Sport starting from April 2020.
It is not known whether that deal is worth more than the governing body’s previous arrangement with pay-TV operator Sky NZ, but NZC Chief Executive, David White, said at the time of the announcement that the deal “future-proofs the whole of cricket in New Zealand.”
4th November 2019 - Residents support Eden Park’s T20 hosting plans
3rd September 2019 - New Zealand sporting bodies come together to change youth sport
26th July 2018 - New Zealand Cricket agrees revenue share pay deal with players
3rd February 2017 - Inquiry launched into ODI washout in Napier
16th November 2016 - New Zealand Cricket elects first woman President
31st May 2016 - New Zealand’s major sports commit to diversity and inclusion
30th August 2015 - Huge summer of international cricket for Wellington
30th June 2015 - Cricket World Cup hosting delivers $1.1 billion dividend
24th March 2015 - Wellington farewells the Cricket World Cup
16th February 2015 - Cricket World Cup Fanzone opens in Auckland
12th January 2014 - Petone to host 2014 Indoor Cricket World Cup
8th April 2012 - New Zealand Cricket secures Pitch International rights deal
4th March 2009 - Black Caps call off Pakistan tour
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