£3m retained loss for 2011 confirmed by Glamorgan

Glamorgan have announced an operating loss of £1.7 million for 2011, including £1.2m arising from staging the rain-affected England v Sri Lanka Test match.

With additional charges being taken into account, including a stadium re-development project, the retained loss for the 12 months to December 31 amounted to £3 million.

“Our 2011 results put into perspective the financial challenges the club has faced over the past few years,” said Glamorgan chief executive Alan Hamer.

“The challenging economic environment and the burden of servicing the debts were compounded by the losses incurred in staging last year’s England v Sri Lanka Test match and further one-off charges.

“If you exclude these, the underlying performance of the business was comparable to the previous year.” All in all, Glamorgan’s turnover for the year totalled £6.6m.

In January the club announced that its lenders, which include Allied Irish Bank, Cardiff Council and former chairman Paul Russell, had agreed to a loan restructure. On top of that, Glamorgan have raised £1.3m from a group of nine private investors.

Glamorgan chairman Barry O’Brien said: “The recent announcement confirming that the club had successfully restructured its finances will have a material beneficial impact on the club’s future financial performance. We can look forward to 2012 and beyond with renewed confidence.”

Over the next five years the Swalec Stadium will stage a further 17 days of international cricket.

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