Join 24/7 Cricket News For More Updates
ESPNcricinfo staff
October 27, 2011
New Zealand Cricket (NZC) has reported a financial surplus of NZ $2.60 million in its annual report for 2010-11, though the outgoing chief executive Justin Vaughan said it was "lower than what was anticipated".
"In a year including an ICC World Cup, NZC expects to do well financially and it is heartening to see a good surplus posted, although it is lower than what was anticipated," Vaughan said. "The sharply increasing US dollar continues to be challenging and revenue from the professional game was lower than usual with just the solitary home series against Pakistan last season."
The year was the first in a new financial cycle after the eight-year partnership agreement between NZC, the New Zealand Cricket Players Association and six major associations. Revenues for the year were $44.64 million, compared with revenues for the previous year of $42.57 million. Expenditure, excluding grants to associations, was $27.7 million compared to the previous year of $32.9 million.
"The adverse impact was partly offset by a significant reduction in New Zealand Cricket's operational costs and we are grateful for the support of the ICC with their donation following the Christchurch earthquakes," Vaughan said. "Playing numbers increased 3%, with over 107,000 participants registered, and the strength of the game was also highlighted by the re-signing of our long-term commercial partner The National Bank."
NZC also reappointed its president Denis Currie and named two new directors, Don Mackinnon and Therese Walsh to the board. Currie was elected President in 2009 and will serve his final one-year term. The two new director positions were created by the retirement of Anne Urlwin and Stephen Boock, who were both unavailable to continue. Both of them had served on the NZC board since 2002.
Walsh is currently working as the chief operating officer for Rugby NZ 2011 Ltd, the company established by the New Zealand Rugby Union and New Zealand Government to deliver the Rugby World Cup. MacKinnon is a partner at specialist employment and human relations law firm Swarbrick Beck MacKinnon where he has represented and advised a number of sporting organisations including Emirates Team New Zealand (sailing).
Bookmark and Share This Post :
0 comments:
Post a Comment