Leicestershire announce £294,000 profit for 2011

Leicestershire have turned a record loss of more than £400,000 in 2010 into a profit of £294,000 last year.

The change in financial fortunes is largely explained by an increase in funding from the ECB of £282,659 as a result of a successful Test series against India.

Leicestershire also received £200,000 in donations in response to a plea for help after their dire financial position in 2010 led the county’s auditors to raise concerns about the viability of the club as an on-going concern.

Leicestershire’s income increased by around £650,000 to more than £3 million while cricket expenses decreased slightly with savings on the salary of former coach Tim Boon, who resigned in September 2010.

The county’s legal bills more than doubled to £70,000 in reaching out-of-court settlements with former chairman Neil Davidson and former chief executive David Smith.

Despite the turnaround Leicestershire are expecting only to break even this year when cricket will have to compete with the London Olympics and football’s European Championships.

“The current financial year will not have the benefit of the exceptional income received in 2011 and, with the economy close to recession, commercial income is difficult to secure,” said chief executive Mike Siddall.

“The directors have set a break-even budget for 2012 and we will need the support of members and corporate sponsors to achieve this target.

“With this in mind we have strengthened the commercial department in order to produce greater sponsorship and related income.”

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