Cricket Australia has defied expectations by announcing a net surplus of A$31.9 million ($21.34 million USD) for the 2023-24 financial year. This positive result comes despite the financial year typically being a low point in the sport’s four-year cycle. The governing body can now look forward to a period of significant financial growth, fueled by upcoming blockbuster series, including the lucrative five-test home series against India starting in November and the Ashes series on home soil next year.
The healthy financial performance was attributed to a strong collaborative effort across Australian cricket, encompassing both cost management and revenue generation. Higher than expected crowds at last season’s home internationals against Pakistan and West Indies generated an extra A$7 million in revenue, while a further A$11 million was added to the coffers through income from the International Cricket Council (ICC), the Indian Premier League (IPL), and the Indian tax office.
This strong financial performance enabled Cricket Australia to fund a 7% increase in player payments during the first year of the new pay deal, demonstrating a commitment to supporting its athletes.
Beyond the professional level, Cricket Australia also reported positive news from the grassroots. Registered participation in community cricket saw an increase from 627,793 to 661,161, indicating a growing passion for the sport at the local level. However, there was a slight 3% drop in the number of junior cricketers, prompting Cricket Australia to focus on targeted programs to bolster participation among 5-12 year olds, women and girls, and players of South Asian heritage.
Cricket Australia’s CEO, Nick Hockley, expressed his satisfaction with the financial results, stating, “The better than forecast financial result … is the result of a strong collaborative effort across Australian cricket to both manage costs and drive revenue.” Hockley also acknowledged the importance of grassroots participation, highlighting the targeted programs aimed at boosting numbers in key demographics.
With the upcoming India and Ashes series set to generate substantial revenue, Cricket Australia is poised for a period of sustained financial success, further solidifying its position as a major force in the global cricketing landscape.