Cricket Australia reveals $32 million loss in 2023/24 financial year

Cricket Australia has revealed a $31.9 million loss for 2023/24 in its newly released annual report, citing the financial performance as a “low point”.

The governing body’s third highest loss in the past decade, trailing $52 million in 2016/17 and $43 million in 2019/20, Cricket Australia Chair, Mike Baird said this reflected the cyclical nature of cricket and that, moving forward, he is “bullish” about the promise of the next two years with Test series scheduled against India and England, which are forecast to leave it with more than $70 million in cash reserves.

Commenting on this, Baird noted “between $70 and 80 (million) is the expectation, so it’s obviously a huge uplift relative to where we have been, and all indications are that the summer is lined up to be a significant success, most importantly for fans and players, but obviously that has an impact commercially.”

The newly released annual report reveals ongoing growth in participation in the sport, with the rise from 627,793 participants to 661,161 described as being a result of "dedicated effort", driven by programs including the Woolworth Cricket Blast initiative and programs designed to provide immersive and inclusive experiences.

However, it also noted a 3% decline in junior participation with numbers falling from 108,120 in 2022/23 to 104,913 in 2023/24.

Baird also addressed the issue of leading players appearing in overseas leagues, such as Pat Cummins participating in the emerging US T20 league this year at the start of the fast bowler’s four-year American contract.

Baird noted that Australian fans will still see him “front and centre” this summer, explaining “Pat makes personal decisions, but I can tell you his heart, soul and mind is how he can support and continue to play for Australia.

“There’s undoubtedly compromises that you have to make in terms of various boards around the world in this environment but I don’t view that as a challenge, it’s an opportunity.”

The compressed summer schedule means international players are largely precluded from playing the men’s BBL which runs across December and January, depriving Australia’s main domestic competition of star power.

Cricket Australia Chief executive Nick Hockley said he hoped top Australian talents will still play BBL but fast bowlers like Cummins will have to be managed, adding “we’ve moved white ball international [matches] from the back end of January to try and get as many international and Test players playing Big Bash as possible.

“But particularly for the fast bowlers, who probably are going to have a huge workload in the Tests against India, we’ve also got to make sure that we’re managing them, and that we’re not burning people out.”

This summer will be Hockley’s last in the role, after he announced plans to step down in August.

Baird praised Hockley’s record over close to five years in the job, stating that said a replacement is on track to be found by the time the post becomes vacant in April 2025

Remuneration for Cricket Australia executives increased to $4.7 million last year, but Baird said an applicant coming to the role for money is “not the right person”.

Click here to view the Cricket Australia 2023/24 annual report.

Image: Australian cricket star Pat Cummins participated in the emerging US T20 league.