Cricket Australia reports financial loss of USD16.9 million for financial year 2022-23

Australia vs South Africa. (Photo Source: Sydney Seshibedi/Gallo Images/Getty Images)

Cricket Australia announced a deficit of $16.9 million in its financial report for the 2022-23 fiscal year, despite generating $42.5 million in revenue from hosting the 2022 T20 World Cup. Despite record-breaking attendance, exemplified by the India-Pakistan match at the MCG, with a crowd of 92,000, the board experienced a financial loss.

A capacity crowd of 53,866 attended the BBL final at Perth Stadium between the Perth Scorchers and Brisbane Heat. The board had anticipated a financial deficit due to it being a non-Ashes year. Additionally, they inked a significant seven-year, $1.512 billion media rights contract with Foxtel Group and Seven West Media for broadcasting Australian cricket from 2024 to 2031, along with a new seven-year agreement with Disney Star for Indian broadcasting rights.

Post Covid, BBL reasserted its status as the most-watched sports league in Australia on a per-game linear TV measure, drawing an average of 532,000 viewers per match. In this timeframe, the Australian women’s team achieved victory in the 50-over World Cup and secured a Commonwealth gold medal. They also signed a five-year MoU, boosting their revenue share from $80 million to $133 million.

Cricket Australia provides a dissection of their expenses

Participation in Woolworths Cricket Blast saw a substantial 24% growth, rising from 56,464 to 69,879. Notably, over 25,000 girls aged 5 to 12 registered for cricket. In a broader context, community cricket participation nearly reached its pre-COVID levels, with numbers climbing from 598,931 to 627,693. Speaking on the proceedings Cricket Australia stressed the increments in players’ payments and investments in BBL.

“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 $7m to $120m. 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, “ Cricket Australia release stated.