Lancashire Cricket has announced that they made an operating profit of £2,387,000 in 2018 despite not hosting an international Test match last summer.
This is an increase from last years figures and the club have come a long way since 2015 when it recorded a profit of only £763,000.
The club expects 2019 to be a record-breaking year as Emirates Old Trafford will host six matches in the ICC Cricket World Cup as well as a Specsavers Ashes Test in September.
The significant shortfall in revenues from not hosting a Test match were offset by the benefit of the Emirates Old Trafford Hilton Garden Inn’s first full year of trading. The 150-bedroom four-star hotel is achieving strong average occupancy levels, exceeding 70%.
The club’s diverse business model was further demonstrated with Caffe Nero opening a coffee shop inside the gound. The club also sold out a Liam Gallagher concert and brought their retail operation back in-house during the year.
Finance Director and Club Secretary, Lee Morgan, stated: “2018 yielded a positive set of financial results which demonstrated the benefits of diversifying the Club’s activities beyond cricket to help support our responsibility and vision to grow the game in the North West.
“The strong and stable platform which has now been established following a number of years of ground development at Emirates Old Trafford provides the opportunity for the Club to embrace and make the most of the regional, national and global profile and commercial income from the ICC Cricket World Cup and Ashes in 2019, and the exciting period of cricket that follows.
“The Club has a desire and vision to be the best, and we are striving to achieve this. We are now starting to see the stability and strength that a sustainable commercial business model offers, and the opportunities it will provide in the coming years to invest in the game of cricket from grassroots and participation through to members, supporters, the match day experience and the elite performance department.”