Cricket Australia Reports Loss in 2022–23 Financial Year Despite Hosting ICC Men’s T20 World Cup

Melbourne, October 26: Cricket Australia (CA) on Thursday reported a loss of USD 16.9 million for the 2022-23 financial year despite clocking earnings from USD 43 million through hosting the 2022 Men’s T20 World Cup. It said in a statement that the losses came due to an expected low point in the revenue cycle with lower media rights and match revenues during a non-Ashes year, though the Men’s T20 World Cup saw enormous crowds to stadiums. including 92,000 for the match between India and Pakistan at the MCG.  'It's All About the Fans…' David Warner Reacts to Glenn Maxwell's 'Horrible Idea' Statement on Light Shows During ICC Cricket World Cup 2023

“The upside in the T20 World Cup performance has driven an increase in the player revenue share and a sharing of upside with the States and Territories, with funding at an all-time high level increasing by USD7m to USD120m.” “Total expenses excluding player payments increased by 5% reflecting full delivery of programs, higher travel costs post Covid and investments in the Big Bash League and the new grassroots cricket system,” it further said.

During the financial year, CA signed a $1.512 billion seven-year media rights deal with the Foxtel Group and the Seven West Media to broadcast cricket in Australia from 2024-31 and a new seven-year deal with Disney Star for the right to broadcast Australian cricket in India helping to underpin the game’s long-term financial security.

It also negotiated a five-year MOU with the Australian Cricketers’ Association that included an overall increase from $80 million to $133 million in payments to contracted women’s players over the life of the agreement. With full seasons played registered participation rates in community cricket continued to return to near-record pre-COVID rates with an increase from 598,931 to 627,693.

Moreover, BBL season 11 was again the most watched sports league in Australia on a per-game linear TV basis with an average of 532,000 viewers, while the return of full crowds to venues included a sold-out crowd of 53,866 for the final between the Perth Scorchers and Brisbane Heat at Perth Stadium.

“This has been a year of high achievement for Australian Cricket with the completion of the media rights deal, the MOU, and other significant initiatives putting the game on a strong footing, while our national teams again performed brilliantly on the global stage.”

“Cricket has reached an important moment with the continued emergence of franchise cricket creating both significant challenges and enormous opportunities as interest in our sport grows.” “As a global leader, we believe CA is well placed to play a strong role in shaping the future of cricket including fulfilling our commitment to the primacy of Test cricket and maximizing the benefits of our status as an Olympic sport to broaden the game’s horizons,” said Mike Baird, CA Chairman.

Registered participation for Woolworths Cricket Blast increased by 24% from 56,464 to 69,879 and more than 25,000 girls aged 5-12 registered to play cricket as Australian Cricket continued its strategy to double the number of 5 to 12-year-olds playing cricket over five years.

“The completion of media rights agreements with the Foxtel Group, Seven West Media, and Disney Star gives Australian Cricket unparalleled coverage and reach, whilst the negotiating of a new player MOU which caters for changing dynamics in the global game also provides confidence and certainty across Australian Cricket.” Australia Secure Second Biggest Win In ODIs Ever, Defeat Netherlands By 309 Runs to Achieve Feat During ICC Cricket World Cup 2023 Clash

“During what was our highest attended summer on record, we hosted a successful T20 World Cup and made strategic investments in the Big Bash Leagues and kids participation that will benefit the game for years to come.”

“We are immensely proud of the performances of our national teams with the Australian women’s winning Commonwealth Games Gold, a T20 World Cup and retaining both the Ashes and their No.1 position across all formats and the Australian men’s team winning a first ICC World Test Championship and retaining the Ashes; while our national inclusion teams continue to inspire people of all abilities to play cricket,” concluded Nick Hockley, Cricket Australia CEO.

(The above story first appeared on LatestLY on Oct 26, 2023 03:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).