KEY POINTS:
New Zealand Cricket (NZC) today announced a loss of close to $7.5 million for the past financial year.
NZC's annual meeting in Wellington was told that a profit of $2.905 million was turned into a substantial loss due to distributions to major and district associations.
They totalled $10.492m, including player backpay of $1.2m, resulting in a loss of $7.586m for the 2007-08 financial year.
This compared with a budgeted loss after distributions of $3.03m, excluding player payment adjustments.
NZC chief executive Justin Vaughan said the 2007-08 financial year was the second of the current four-year cycle.
"NZC operates on a four-year cycle due to variations in revenue over the four-year period arising from ICC events such as the World Cup and inbound tours from the likes of England and India.
"Overall for the four years ending May 31, 2010, NZC is forecasting a surplus result," Vaughan said.
- NZPA
