NZC in the black despite deficit

Scott Styris in action for the Black Caps. Photo / Duncan Brown

New Zealand Cricket reported a deficit of $2.43m in its annual report today, a figure which was offset against reserves, leaving a closing balance sheet equity position of $6.91m.

NZC operates on a four-year cycle because of variances in revenue over a four-year period due to ICC events, international television rights, and inbound tour opposition.

It finished its four-year cycle ending July 31 this year in a positive position - accumulating $3.30m of additional equity over the period.

"A beneficial Australian home series, ICC World Twenty20 and ICC Champions Trophy helped boost revenue but the rise in the US dollar has negatively impacted our bottom line," chief financial officer Dave Mills said. "During the year NZC made grants of $8.96m to major associations, excluding domestic player payments.

"This compares to $9.22m in the 14 month financial period to 31 July 2009."

The report said cricket has never been so popular with over 107,000 registered players, the highest number in a single season. A record number of New Zealanders also watched cricket with both ground attendances and television viewer hours significantly exceeding targets.

The series against Australia featured sold out matches at Eden Park and Hamilton's Seddon Park, as well as a crowd of 26,000 witnessing the Twenty20 'super over' victory at Christchurch.

"The growth and interest is a reflection of both a successful development programme and a thrilling summer of cricket," commercial manager Peter Dwan said.

"The inaugural HRV Cup was a huge success with close to 100,000 people attending the matches and international cricket continued to attract strong live support."

Chief executive Justin Vaughan acknowledged a number of international achievements.

"During the year the Black Caps made the final of the ICC Champions Trophy - only the second time that our leading team has made the final of a world event.

"The White Ferns continue to perform with great credit and have established themselves as the number two women's team in world cricket.

"For the third time in succession the White Ferns made the final of an ICC event, this time the world Twenty20 championship in the Caribbean."

- NZPA