5 Sep 2008

New Zealand cricket posts $7.5 million loss

6:42 pm on 5 September 2008

New Zealand cricket has posted a $7.5 million loss for the 2007-2008 financial year.

Chief executive Justin Vaughan says distributions to major and district associations of $10.5 million, and player backpay of $1.2m resulted in the loss.

This compares with a budgeted loss after distributions of $3.03m, excluding the player payment adjustments.

New Zealand cricket operates on a four-year cycle and due to variations in revenue arising from ICC events such as the World Cup and inbound tours from the likes of England and India Vaughan is confident they will post a surplus for the period ending in May 2010.