New Zealand Cricket has reported a financial surplus of $2.6 million in its annual report released today.
It is the first year in a new financial cycle following the groundbreaking eight-year partnership agreement between New Zealand Cricket, the New Zealand Cricket players' association and six major associations.
"In a year including an ICC Cricket World Cup, NZC expects to do well financially and it is heartening to see a good surplus posted, although it is lower than what was anticipated,'' said chief executive officer Justin Vaughan.
"The sharply-increasing US dollar continues to be challenging and revenue from the professional game were lower than usual with just the solitary home series against Pakistan last season.
"The adverse impact was partly offset by a significant reduction in New Zealand Cricket's operational costs and we are grateful for the support of the ICC with their donation following the Christchurch earthquakes.
"It is pleasing to report that cricket in New Zealand is exceptionally strong. Playing numbers increased 3 per cent, with over 107,000 participants registered, and the strength of the game was also highlighted by the re-signing of our long-term commercial partner The National Bank.
Revenues for the year were $44.64m, compared with revenues for the previous year of $42.57m. Expenditure, excluding grants to associations, was $27.7m compared to the previous year of $32.9m.
New Zealand Cricket president Denis Currie has been reappointed and two new directors, Don Mackinnon and Therese Walsh, have joined the NZC board. The appointments were confirmed at the annual general meeting held in Wellington today.
New NZC director Walsh is currently working as the chief operating officer for Rugby NZ 2011 Ltd, the company established by the New Zealand Rugby Union and New Zealand Government to deliver the Rugby World Cup.
A chartered accountant, she started her career as an auditor with KPMG before moving onto the role of chief financial officer with the New Zealand Rugby Union and was part of the team which worked on the bid for New Zealand to host the Rugby World Cup 2011.
MacKinnon is a partner at specialist employment and human relations law firm Swarbrick Beck Mackinnon where he has represented and advised a number of sporting organisations including Emirates Team New Zealand.
He was Netball New Zealand chairman for three years and served on the organisation's board from 1998 to 2007.
Currie was elected president in 2009 and is set to serve his final one-year term. The NZC President can serve a maximum of three one-year terms.
The two new director positions were created by the retirement by agreed rotation of Anne Urlwin and Stephen Boock, who were both unavailable to continue. Both directors had served on the board since 2002.
His Excellency Lieutenant General The Right Honourable Sir Jerry Mateparae, Governor-General of New Zealand, succeeds The Right Honourable Sir Anand Satyanand GNZM, QSO, as Patron of New Zealand Cricket.
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