Cricket Australia warns of 'significant challenges' as it posts loss of ...

Cricket Australia (CA) has reported a net loss of AUS$16.9 million (US$10.7 million) for the 2022/23 financial year. 

Confirmed: Total revenue for national governing body increased by nine per cent year-over-year (YoY) to AUS$427 million (US$270 million) Total expenses, excluding player payments, increased by five per cent reflecting full delivery of programmes, higher travel costs post Covid, and investments in the Big Bash League (BBL) and the new grassroots cricket system CA received a AUS$43 million (US$27.2 million) dividend for hosting the ICC T20 World Cup  Context:

CA said the loss was driven by an expected low point in its revenue cycle with lower media rights and match revenues during a non-Ashes year. As well as hosting the men’s T20 World Cup, financial highlights for the organisation in 2022/23 included the AUS$1.512 billion (US$954.7 million) extension of its domestic broadcast rights partnership with pay-TV network Foxtel and free-to-air (FTA) broadcaster Seven.

Comment:

“This has been a year of high achievement for Australian cricket with the completion of the media rights deal, the MOU and other significant initiatives putting the game on a strong footing, while our national teams again performed brilliantly on the global stage,” said Mike Baird, Cricket Australia chair.

“Cricket has reached an important moment with the continued emergence of franchise cricket creating both significant challenges and enormous opportunities as interest in our sport grows.

“As a global leader, we believe CA is well placed to play a strong role in shaping the future of cricket including fulfilling our commitment to the primacy of Test cricket and maximising the benefits of our status as an Olympic sport to broaden the game’s horizons.

“At the same time, the achievements of the past year have put us in a strong position to fully exploit the commercial opportunities available to cricket as Australia’s national game and, as importantly, to nurture grassroots cricket.”

Coming next:

On the pitch, the Australian men’s cricket team next face New Zealand in the group stage of the Cricket World Cup on 28th October.