Durham County Cricket Club has revealed it is finalising plans to develop a hotel on club grounds amid a strategy to diversify its income streams.
The club confirmed it is putting the finishing touches to its hotel plans and that it hopes to make further announcements soon.
The move comes as the club seeks to create new sources of revenues and diversify its portfolio, following a year in which it made a loss of more than 拢1m
The top-flight club made an operating loss of 拢1.09m for the year ending 30 September 2018, despite making a profit of 拢2.35m during the previous 12 months, while revenues also fell from 拢7.58m to 拢5.02m.
The dent in turnover came a year after the club received a number of one-off payments from the England and Wales Cricket Board (ECB) in 2017 鈥 payments which were not repeated in 2018.
In total the ECB鈥檚 payments to Durham Cricket Club fell by almost 拢3m, but the club said that additional funding is expected from the board in the future.
Commenting on the club鈥檚 performance, both financially and on the pitch, chairman Sir Ian Botham said: 鈥淭he year ended 30 September 2018 was one of mixed fortunes in that while we have made great strides in some areas, we ultimately had a disappointing time on the pitch.
鈥淲e struggled in the Championship and our final position was disappointing despite some promising performances from some of our younger players. They should be stronger for that experience in 2019 where promotion must be the aim.鈥
Despite the drop in revenue, Durham Cricket Club saw its match income jump significantly over the year, from 拢700,295 to 拢951,474.
The boost in ticket sales was attributed to Durham holding a one day international against Australia in 2018. In 2017 the club had hosted an IT20 game against West Indies, and although both matches sold out, the Australia game was more popular allowing the club to increase its ticket price.
It is hoped these sell out performances will continue in the future due to an agreement with the ECB, which means at least one international fixture will be held at the Emirates Riverside grounds each year.
Following the accounts鈥 publication, the club said it is this year due to see increased funding from the ECB and additional revenue from the Cricket World Cup.
It said more than 拢1m of extra income will come from the board for the next five years, following the new TV deal and The Hundred competition, and that it is also paying down debts with the aim of being debt free over the next few years.聽
A new CPA (county partnership agreement) is also rewarding clubs for producing England players 鈥 and Durham has a great record for developing national players, with a pipeline currently coming through.
Chief Executive Tim Bostock added: 鈥淭he headline figures do not tell the true story of Durham鈥檚 position.
鈥淒ue to the ECB funding model and paying down of debts the figures appear to be down on the previous year but the position of the club is strong.
鈥淎dditional funding from the ECB over the next five years along with the reduction in the club鈥檚 debts will see the club鈥檚 finances improve.
鈥淲e are hoping to develop a hotel at the ground and hope to have further news on this shortly. That will provide further income to invest in the club and community projects.
鈥淎ttendances are improving year on year and with the renewed interest in cricket and Durham superstars such as Ben Stokes we are confident that the club will continue to go from strength to strength both on and off the field.鈥
