New Zealand Cricket completed its four year financial cycle with a surplus of $217,779, NZC announced in its annual report.
NZC operates a four year financial cycle to cope with the fluctuating nature of revenues received between world cups. In some years revenue is significantly higher due to NZC’s participation in international cricket tournaments and in other years revenues are significantly reduced due to lower overseas broadcasting income from inbound tours.
During the year the ICC made significant progress towards settling the dispute with Global Cricket Corporation (GCC) over the ICC Cricket World Cup 2003, resulting in a greater than expected receipt of previously withheld funds. This increase allowed NZC to achieve an overall surplus for the four year period.
“The surplus was a very positive result, especially given the turbulent events which occurred during this cycle,” NZC Chief Executive Martin Snedden said.
“During the cycle we felt the impacts of international terrorism, the abandonment of Sri Lanka’s tour to New Zealand following the Boxing Day tsunami and the effects of a rising New Zealand dollar.
“These events have been beyond our control and NZC’s ability to recover from them reflects our strong commercial arrangements."
NZC recorded a surplus of $3.03 million, before distributions to Major and District Associations. This compared to a budgeted pre-distribution surplus of $2.49m.
NZC continued to provide strong support to the Major and District Associations. Distributions to Major and District Associations for the financial year amounted to $7.41m compared to $6.86m the previous financial year.
Total distributions to Major and District Associations for the four year cycle were $28.8m.
“During the financial year NZC and Cricket Australia management and staff worked tirelessly to produce a world class bid for the 2011 and 2015 world cups, within a tight deadline. While our preference was to gain the 2011 World Cup we were delighted to be awarded the co-hosting rights to stage the 2015 event.
“The BLACKCAPS performed well during the year with Test series victories over Zimbabwe and the West Indies and ODI series victories over Zimbabwe and India in a tri-series and Sri Lanka and the West Indies.
“There was, however, disappointment at Test and ODI losses to South Africa.
“The White Ferns had an outstanding series against India at the Bert Sutcliffe Oval in March, defeating the visitors in four of their five ODI matches.
“Domestically the 2005/06 season saw the launch of the State Twenty20 tournament which was well received by players, the media and the public.
"The development programme continued to flourish with 8,578 children involved in the MILO Have-A-Go and MILO Kiwi Cricket programmes and more than 97,000 people were recorded playing cricket during the financial year, 5000 more than during the previous season."