CA reports $7m loss despite bumper India series

MELBOURNE:

Cricket Australia (CA) announced a net deficit of A$11.3 million  ($7.34 million) for the 2024-25 financial year on Thursday, with a steep increase in costs offsetting a jump in revenue from hosting the Border-Gavaskar series against powerhouse India. 

CA said at its annual general meeting (AGM) total revenue increased by A$49.2 million from the previous year to A$453.7 million, predominantly driven by a new domestic media deal and match revenue from the five-test series against India. 

Expenses increased by A$24.1 million, which included marketing costs for the India series and funding 70 extra days of touring for national teams. 

However, distributions to CA's member states and territories barely moved, rising by A$800,000 from the previous year to A$120.9 million. Member state Cricket Victoria (CV) condemned CA for the annual loss, saying the governing body had delivered little financial improvement despite significant and costly reviews. 

"For another year, CA is presenting a financial loss with a balance sheet showing member funds in deficit," CV Chairman Ross Hepburn said at the AGM. 

"It is especially disappointing that since FY2019, Cricket Australia's accounts have shown significant cumulative loss, excluding COVID-related impacts and World Cup revenue." 

CA CEO Todd Greenberg said the outlook for 2025-26 was positive, with Australia to host England in the five-test Ashes series starting in Perth on November 21. 

He said CA was forecasting a sharp lift in commercial and sponsorship revenue from A$69 million to A$86 million in the coming year. 

"The Ashes and India white-ball content in FY26 is expected to deliver significant profit to CA and this will enable CA to rebuild its net assets and cash reserves for the next cycle," CA CFO Sarah Pragnell said. CA is exploring allowing private investment in teams in the Big Bash League, the nation's domestic T20 tournament, to unlock value and boost its competitiveness against international rivals like the Indian Premier League. Securing the backing of member states will be among CA's biggest challenges. 

"We believe that all other options need to be diligently canvassed before resorting to selling off member assets," said CV's Hepburn.