Surrey record £1.2 million losses due to COVID-19

The COVID-19 pandemic has taken a toll on the sports industry. All the major sports leagues, teams, and clubs have suffered financially because of the pandemic. Surrey County Cricket Club, England’s richest cricket club has also recorded a £1.2 million loss before tax during the 2020/21 financial year.

The figures were announced by the club during the first event that was held in the club’s new 175 Suite, which is part of the One Oval Square development. This project has added 2,700 new seats to The Kia Oval – as well as two large new suites, another roof terrace, and an extension to the Micky Stewart Members’ Pavilion.

It is estimated that the Covid-19 pandemic cost Surrey CCC a cash sum of £5.6 million, a figure that has been absorbed through the use of club reserves, further efficiency savings, and two restructurings that led to significant redundancies in the club staff.

Surrey’s turnover sunk to £13.7 million in 2020/21 from £45 million in 2019/20. The turnover cancellation is largely due to the cancellation of The Kia Oval Test Match, the first time the ground hasn’t hosted a Test in a year since 1945. There has been a drop of £5 million in non-matchday sales for the Club’s conference and events business going from £6.1 million in 2019/20 to £1.1 million in 2020/21.

The club members helped the club retain nearly £2 million of revenue as only a small percentage of Members took up the offer of a 25% refund of their annual Membership fee. Surrey will welcome nearly 4,000 fans a day to The Kia Oval to watch the Club’s County Championship games with Middlesex and Gloucestershire over the next two weeks. The overwhelming majority of these fans will be club members. UK government had promised that cricket is going to heavily benefit from sports relief package. It remains to be seen whether this package will benefit clubs like Surrey. However, the return of county cricket is a big boost for the next fiscal year.

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