Dear Member,
It is a pleasure to write to you today and reflect on what has been a
pivotal year for the Club. One defined by rebuilding confidence and
strengthening our foundations to ensure the sustainable long-term success of Middlesex
Cricket.
Middlesex County Cricket Club stands on the cusp of a new era,
underpinned by recent financial stability. Having navigated our way through a
difficult period, we have now reported two consecutive financial years of
profitability, which places us in an advantageous position to capitalise on the
opportunities that lay ahead.
The cricketing landscape, both at home and internationally is changing
dramatically. Franchise cricket, annual ICC events, player choice, broadcasting
deals - all are influencing our thinking as we look for a sustainable
cricketing strategy for the next few years. We are intent on returning
Middlesex to the top of the domestic cricketing tree and are optimistic that
this season will bring success on the field.
We are proud to be in the position among first-class counties of being
completely debt-free. The new capital injection from the Hundred auction
provides a valuable opportunity to support our operations, however, we have to
remain mindful that our financial situation requires careful management
continuously and that we take meaningful steps toward ensuring long-term
stability. Consequently, the Board has recognised that we must take action now
in order to diversify our income so we can invest in our long-term cricketing
success and to be able to return to winning ways for both our Men’s and Women’s
teams.
We have been playing cricket at Lords for more than 150 years and we
know that this is important to our members. Therefore, the Board is
prioritising our ongoing relationship with the MCC for the long-term future.
However, we have reached the conclusion that one of the most exciting
prospects for MCCC lies in the development of our own ground – a home away from home. This has the
potential to be a game changer for our future finances. Whilst our preference
will always be to play as many games at Lord’s as
possible, demands on the MCC are increasing and a permanent home away from home
will give us an alternative second venue that we can be proud of.It will also enable us to earn income other
than from cricket, creating new commercial revenue streams.
We realise this exciting new opportunity is not something that we can
achieve alone, even with the influx of the new funds from the Hundred auction.
Therefore we will need to secure external investment from a carefully selected
partner who shares our vision. The Board has enlisted the expertise of Oakvale
Capital, a consultancy known for its work in sports management. Oakvale is
assisting MCCC in identifying and approaching strategic partners, aiming to
secure new capital, allowing us to jointly invest in a new second ground. A
committee, comprised of Directors and members with the right mix of expertise
is already overseeing the work to achieve this exciting goal.
While many Clubs have considered demutualisation as a route to enhance
financial flexibility and attract investment, MCCC's Board has determined that remaining
a members club is the best route forward for Middlesex. The Directors are
committed to exploring alternative partnerships to provide the required
financial platform to secure the Club's future plans.
A major milestone in 2024 was the acquisition of the ground at Swyncombe
Avenue in Brentford. Whilst this ground is sadly not large enough to stage
professional women’s or men’s
cricket, it forms a large part of our future investment plans to develop a
focal point for women’s and
girls’cricket.
Regulatory issues are now fully resolved, and we remain in full
compliance with all ECB expectations. This progress reflects not only on the
professionalism of everyone at the Club but also on the improving governance
structures that are now in place—structures that will continue to evolve and
strengthen over the coming years.
Proceedings are ongoing in relation to
a personal injury claim brought by our former CEO, the matter is being managed
by our insurance advisers. We remain confident in our position on this matter.
Through all of this, every financial decision, every partnership, every
initiative, we are focused on one thing: the long-term success of cricket at
Middlesex. Whether on the pitch, in our communities, or in the boardroom, we
are building a club that our members can be proud of, today and for many years
to come.
Thank you for your continued support and for being part of this journey
with us.
Richard Sykes
Chair - Middlesex County Cricket Club
The Club also released a media statement to the press after last night's AGM, which can be viewed HERE
