County cricket in need of financial overhaul as over half of clubs report losses
A new report into the health of county cricket has found that 10 of the 18 clubs involved ran at a loss in their 2024 accounts. And while many were hoping a windfall from the investment in The Hundred Group would help them turn a corner, the England and Wales Cricket Board requires organisations to prove financial sustainability before they receive a penny.
Leonard Curtis is an independent restructuring and turnaround specialist based in the UK. In recent years, it has commenced a series of reports on the Business of Sport. Part of that has seen the recurring publishing of an analysis on the finances of county cricket.
The Leonard Curtis Cricket Finance Report was first published in 2025, as the sport stood on the cusp of a £520 million investment from the sale of equity in The Hundred’s eight franchises. Then, it found that more organisations operate at a profit than a decade ago. However, three leading county cricket clubs made up 44% of revenues generated across 18 institutions – suggesting the overall sums at play might be papering over the cracks.
12 months on, and a further year of financial data analysed, ominous signs are there that this may indeed be the case. Now taking into account Hampshire alongside Surrey, Lancashire and Warwickshire, Leonard Curtis’ redefined ‘Big Four’ demonstrates a widening gulf between the sport’s haves and have-nots. Between them, the quartet accounted for £134 million – or 53% – of the total £253 million haul from all 18 first-class counties.
This comes as the breakdown of revenues heading into county cricket undergoes a worrying trend. While the sport’s top table had been diversifying incomes successfully in the post-pandemic years, a sudden hit to ‘other income’ has seen that line of investment decline from 34% to 31% of overall revenues. This comes from the amount generated from non-cricket activities, such as hosting conferences and events or having a hotel on site. Perhaps worse, the more bread-and-butter issue of major match income has also seen a three-point decline, to 14% of revenues for 2024 accounts.
Rising losses
Meanwhile, the portion of income coming directly from the England and Wales Cricket Board has risen for the first time since 2020 – to 30%. The ECB provides an annual fee to each county – in effect a proxy for broadcast income as the ECB manages the broadcast and sponsorship rights for domestic and international cricket in England and Wales. Dependence on this payment has previously been spoken of as a real threat to the future of county cricket – especially as the number of clubs operating in the red rises.
Prof Rob Wilson, co-author of the report, said, “As the game enters a new era of investment, there is a real opportunity to strengthen the entire ecosystem by supporting the player journey from grassroots through to the professional game, while also expanding cricket’s digital footprint to engage new audiences, unlock commercial value and ensure the sport remains relevant and financially sustainable for the next generation. To achieve sustainable growth, county cricket cannot rely on traditional revenue streams on their own. The data shows that long-term success is increasingly driven by diversified commercial income, investment in infrastructure and disciplined financial management.”
In 2024, seven clubs found that more than half of their annual revenue came from the ECB payment. In the worst cases of Northamptonshire, Leicestershire and Middlesex, this escalated to 70%, 67%, and 64% respectively. However, only one of those clubs is now among the loss-making clubs from the new study – suggesting they may already be recalibrating their organisations to accommodate new ECB rules.
While many clubs expected the windfall from the sale of The Hundred to simply be plumbed into their operations, the ECB insists it can only be used for infrastructure projects or to pay off debts – not assist with operating costs. Using the money as the carrot to nudge firms toward greater financial stability, it comes in tandem with a stick – where repeat offenders may be docked points for making repeated losses (as has been the case for Sussex in the latest season).
Sussex finds itself among 10 of 18 counties whose finances were left in the minuses for their 2024 accounts. Alongside them were Northamptonshire, Glamorgan, Warwickshire, Essex, Hampshire, Worcestershire, and Yorkshire. Getting the house in order may prove easier for some of those than others, however, if they intend to make the most of the ECB’s windfall payments.
In his foreword for the report, former Ashes-winning England Captain Michael Vaughan, commented, “Counties are not just handed a big cheque. They have to apply for the money to be released by the ECB, and I respect the way the ECB has gone about this. While they face varying challenges, counties need to be sustainable, 12-months-ayear businesses that are not reliant on central ECB funding to survive. This report clearly confirms that some counties have already achieved this, particularly the ‘big four’ of Surrey, Lancashire, Warwickshire and Hampshire.”
