Concerts staged by music legends helped to deliver a 13% boost in turnover at Durham Cricket Club, new accounts show..
The club, based at the Riverside in Chester-le-Street, has published accounts for the year ending September 30 2022 in which revenues rose from £7.1m to £8.05m, aided by strong performances of music events featuring the likes of global stars Michael Buble and former Supremes singer Diana Ross.
Operating profit, however, fell from £1.3m to £335,628, while pre-tax profit came in at £333,033, down from £1.05m. Net assets increased slightly from £6.024m to £6.357m. A breakdown in turnover showed match income increased from £847,975 to £899,156. Food and beverage income saw the biggest jump, more than doubling from £551,379 to £1.25m. The average number of employees fell from 135 in 2021 to 119 during the year.
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Chairman Lord Botham reflected on a “below par” season for the club, in which the team finished sixth, but highlighted strong performances by key and emerging players, as well as the financial benefits of events which were staged at the ground.
In his report, he said: “Current year turnover has risen to £8,048,739 (2021 - £7,108,908), as a result of the Durham Cricket Events business performing strongly over the year. The year saw the cricketing world continue on its journey of improvement from the challenges of the Covid-19 pandemic. The club remain indebted to the huge support of all fans and members that helped the business through one of its most challenging periods.
“A disappointing Blast season saw three wins and 10 defeats in what proved once again to be a tough North group. A youthful Durham team managed one victory in the RL50 tournament.
“In a below par season, the club’s proud tradition of producing exciting talent was once again at the forefront. Arguably the most poignant moment of the summer was the appointment of Ben Stokes as England captain, becoming the first Durham player to lead the test side. More significantly was the incredible development of Matthew Potts, the latest seamer of the Durham Academy production line who ended the summer with five England caps to his name.
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“With our events business performing strongly and the strong financial management of the last few years continuing, I am delighted to report a profit of £333,033 in the current financial year as we look to continue strengthening our financial position for the challenges ahead. I would also like to acknowledge the support from our key stakeholder Durham County Council and our lead sponsors Dafabet and Seat Unique.”
Tom Bostock, the chief executive, said diversifying with other revenue streams and continuing to stage international ECB matches remains crucial to the club, which received £4.14m in ECB distribution payments during the year. The club said it will also be bidding to host fixtures in the men’s and women’s World Cups when they come to England.
The accounts also highlight how plans to create a hotel at the ground are also continuing to be developed. Following publication of the accounts, the club told The Journal that plans to build a hotel on the site are progressing steadily, adding: “Designs have been produced and consultations have taken place. The club will be submitting for planning permission in the next few weeks.”
In the report Mr Bostock said: “Continuing to diversify our revenue base to include income generators such as concerts, one off events and exploring options for a hotel on the site remain important to our future financial stability. The club continues to work closely with the ECB to ensure major matches will continue to be staged at the Emirates Riverside.
“The club remains focussed on a strategy of cost control whilst continuing to explore additional revenue opportunities. In order to provide greater certainty to the international venues, the ECB have allocated major matches through to the 2031 season. We have been allocated two fixtures in both 2026 and 2028, securing and enhancing and important source of revenue.”
He added: “We continue to work on a proposed hotel development at the ground, with discussions on going with the local authority, this would provide an additional revenue stream as well as reducing reliance on central funding.”