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ECB announces profit ahead of financially challenging summer

:Headline: ECB announces profit ahead of financially challenging summer:
World Cup and Ashes play a part as record annual turnover is revealed.

The England and Wales Cricket Board announced a record annual turnover of £228million at its virtual annual general meeting, where Ian Watmore's appointment as the governing body's new chairman was ratified.

England staging the World Cup and Ashes last summer significantly boosted the coffers, with average annual turnover around £125million, while an increase in profit has swelled the ECB's reserves to £17.1m, up from £11.2m last year.

However, the inaugural edition of The Hundred has been postponed because of coronavirus, while the financial impact of the pandemic could cost the ECB £380m in a "worst-case scenario", according to chief executive Tom Harrison, who said the sport was "staring at a £100m loss this year, whatever happens".

Confirmation of a three-Test series against the West Indies, now scheduled to start next month, plus positive talks with the countries of other boards due to tour England this summer should limit those losses.

Scott Smith, chief financial officer for the ECB, said: "The success of hosting the Cricket World Cup and men's and women's Ashes on home soil saw us achieve record revenues for the game, and allowed us to distribute more funding across the game than ever before.

"With the impact of COVID-19 these results are somewhat bittersweet, but it is nonetheless extremely positive to know that with the right conditions, the game can continue to grow financial momentum for its stakeholders."

Meanwhile, the ECB's 41 members unanimously voted in favour of Watmore succeeding Colin Graves as chairman to finalise the last stage of the appointment process.

Watmore said: "I have made clear from the start of this process how important the cricket network is to our sport thriving across England and Wales.

Ian Watmore will become ECB chairman in September this year (Dominic Lipinski/PA)

"In a post-COVID-19 world, it is more important than ever before that we see sport connect communities and improve lives.

"That goal is only achievable with the support of the entire game and I look forward to working with the membership and other key stakeholders in delivering our ambitions."

Watmore was appointed earlier this year after being identified by a nominations panel including former England captain Sir Andrew Strauss.

Newspaper reports into Watmore's departure from his previous role at the English Football League led to a review, but a three-person panel reported "no evidence to support any allegation of wrongdoing on Ian Watmore's part".

England won the men's and women's 50-over World Cups during Colin Graves' time as ECB chairman (Nick Potts/PA)

He will step into his role in September as a replacement for Graves, who was at the helm of the board during England men and women winning the 50-over World Cups while he also oversaw a record £1.1billion media rights deal.

Graves said: "I am very pleased that Ian's appointment as chair has been fully approved by our 41 valued members. His experience and deep passion for cricket will strongly support the progress and cohesion of the game over the next five years.

"The game's newest test, the threat of COVID-19, will challenge us all. I am certain that no corner of the game will emerge the same. It will be our ability to stay united and remain agile that will see us through this most difficult of times."

In addition to Watmore's ratification, it was confirmed Lord Kamlesh Patel will step down as the ECB's senior independent director after serving more than five years.

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last updated article - 2020-06-02 16:35:33:
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Premier League Table
TeamPWDLFAGDPTS
CLiverpool33292272254789
2Manchester CityMan City33213981344766
3Chelsea341861063461760
4Leicester CityLeicester34178964323259
5Manchester UnitedMan Utd331510856332355
6Wolverhampton WanderersWolves33131374536952
7Arsenal34121485042850
8Tottenham HotspurSpurs33139115244848
9Sheffield UnitedSheff Utd33121293433148
10Burnley33137133746-946
11Everton33128134048-844
12Newcastle UnitedNewcastle331110123545-1043
13Southampton33134164255-1343
14Crystal Palace34119143043-1342
15Brighton & Hove AlbionBrighton33812133544-936
16West Ham UnitedWest Ham3387184058-1831
17Watford34710173153-2231
18Aston Villa3376203662-2627
19Bournemouth3376203259-2727
20Norwich CityNorwich3456232663-3721
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