New Zealand Cricket remains optimistic about the financial outlook to 2023 despite recording a NZD$1.3 million net loss for 2018/2019.
The national governing body’s latest annual report revealed that NZC had budgeted for a NZD$1 million profit for the year ending 31st July 2019, but saw distributions from the International Cricket Council (ICC) fall US$2 million short of what was forecast.
Although NZD$59.4 million in revenue was generated for the financial year, it marks the third consecutive year that NZC has returned a net loss after recording losses of NZD$3.5 million (US$2.2 million) for 2017/18 and NZD$9.3 million (US$5.9 million) for 2016/17.
‘The outlook for the 2020 financial year remains challenging, as NZC enters the final year of current broadcast arrangements and a number of financial contracts,’ the annual report read.
‘This means a continued focus on operational spend and delivering on the opportunities from England, India and Australia touring.’
NZC added that it anticipates its financials will improve in the long run, with payments from the International Cricket Council (ICC) between 2016 and 2023 expected to see full members receive approximately US$128 million over the eight-year period.
A big chunk of that is expected to come towards the end of the cycle, which culminates with the ICC Cricket World Cup in India.
The governing body’s annual report added: ‘The outlook to 2023 is positive, with revenue growth opportunities and with ICC distributions remaining strong as the cycle to 2023 is completed.’
NZC also recently signed a new six-year media rights partnership with sports streaming subscription service Spark Sport starting from April 2020.
It is not known whether that deal is worth more than the governing body’s previous arrangement with pay-TV operator Sky NZ, but NZC chief executive, David White, said at the time of the announcement that the deal “future-proofs the whole of cricket in New Zealand.”