Middlesex CCC announce first annual profit since 2016
- Published
Middlesex were sanctioned by the ECB in September for breaches of its financial regulations
Middlesex have announced a net profit of £131,000 for the financial year ending November 2023.
It is the first annual profit the club have returned since winning the County Championship in 2016.
The England & Wales Cricket Board sanctioned the county in September for breaches of its financial regulations.
Middlesex chief executive Andrew Cornish said work has been done "to ensure that we can operate as a sustainable business moving forwards."
In a statement, external on the club's website, Cornish added the profit was "the result of an enormous amount of hard work, dedication, and commitment".
The decision to sanction Middlesex last year followed an ECB investigation into funds provided to the Middlesex Cricket Board (MCB) and Middlesex County Cricket Club.
The club, who were relegated from Division One of the County Championship last season, were handed a points deduction across all formats, which was suspended until October 2025, while payments from the ECB were reduced. The ECB have since also overseen Middlesex's financial plans.
"In late 2021, following Andrew Cornish's appointment as the club's CEO, Illa Sharma joined as Chief Financial Officer," the Middlesex statement added.
"They, together with the rest of the Senior Executive team, have subsequently overhauled the club's financial structure, ensuring the club remains debt free and returns to profitability."
Cornish added: "I would like to thank Illa and her finance team who have worked tirelessly with a great management team to transform our business.
"After such an extended period of posting significant losses, to turn the business around at a time when the game is under increased financial pressure, is a credit to everyone involved.
"Whilst there will still inevitably be challenging times, I am confident now, that the processes we have in place, make us not only a sustainable business, but puts us in a position to begin to rebuild our financial reserves as a club and invest in future success."
In a statement, external last year on their sanction by the ECB, Middlesex said it accepted the club had "historically, under previous administration, been poorly financially managed over a number of years" and that "serious administrative irregularities" with the club's pension scheme had resulted in a significant impact on their financial position.