Bears aim to be ‘best’ after record profits
WARWICKSHIRE have announced record profits for the 2018/19 financial year.
In a year that saw Edgbaston host the opening Test of the Ashes series and five fixtures in the World Cup, the club increased year-on-year turnover by 54 per cent to £26.6 million.
Craig Flindall, the Bears’ chief operating officer, said: “Major match days are our principal driver of revenues and Ashes Test matches are the most rewarding and soughtafter fixtures by all cricket venues.
“In preparation we took steps to maximise this opportunity, including the introduction of a ticket ballot to drive early demand and ensure prompt sell-outs of days.
“We also made increased investment in our match-day experience, particularly in our choice of food and drink options around the ground, and a new cashless payment process that minimised queue times.”
The financial performance ensures Warwickshire will make a capital repayment of £2.1 million on their loan to Birmingham City Council, which helped fund the first phase of redevelopment of Edgbaston in 2010 and 2011.
Flindall added: “Having won such a prestigious allocation of major matches over the next five years means we have been able to develop an ambitious strategy which will be launched shortly, including the future development of the stadium.
“It will also mean we will be able to meet our future debt repayment obligations and significantly reduce the council loan further over the next five years.”
In 2018 Warwickshire secured a 31-day allocation of major match days, between 2020 and 2024, including England’s Test matches in four of the five years and all five Finals Days of the Vitality Blast. Edgbaston will also be the home of Birmingham Phoenix in the new premier short-form cricket tournament, The Hundred.
In August of last year Warwickshire secured a further eight-day marquee programme of women’s T20 cricket in Birmingham’s hosting of the 2022 Commonwealth Games.
In preparation for future fixtures, work will start in the summer on the £85 million second phase of the Edgbaston masterplan, which includes the construction of 375 apartments, new retail and dining space and an entrance plaza and club car parks that will transform the stadium campus. Plans for the third and fourth phases of development will also be revealed in the spring.
Warwickshire chief executive Neil Snowball said: “Whilst we’ve enjoyed a record financial year by maximising commercial opportunities around our high-profile fixtures, it’s imperative we keep moving forward and innovating.
“We made good progress in capitalising on England’s incredible World Cup win and achieved strong growth in our membership and domestic T20 attendances.
“Our increased investment in the Warwickshire pathway saw four players graduate from the academy ranks to the senior men’s team, while our women’s team won the Vitality County T20, our first domestic trophy in the women’s game.”