Sussex enter three-year financial framework agreement for funding under ECB policy
Sussex County Cricket Club has entered into a three-year financial framework agreement in order to access exceptional funding, the England and Wales Cricket Board (ECB) confirmed on Monday. The agreement, under the ECB's Exceptional Funding Policy, was put in place after the club approached the board for financial support following significant operating losses in the recent financial year, missing revenue targets and increasing the cost base to an unsustainable level.
A release by the England board confirming the same, stated that, "As part of the framework, the ECB has agreed to provide Sussex Cricket with a structured loan, repayable in full by 31 January 2029. This is intended to provide short-term stability while the Club delivers the changes required to operate on a more sustainable footing."
As per the agreement, Sussex Cricket has agreed to a number of conditions including:
In addition to that, Sussex will also be subject to a set of penalties, which include:
Richard Gould, ECB Chief Executive Officer, said: "The County network is the bedrock of cricket in our communities, and its contribution is vital to the future success of cricket in England and Wales.
"Professional Counties are allocated significant funding every year through the County Partnership Agreement, and it is essential that all counties have viable business plans to ensure their financial sustainability.
"The aim of approving exceptional funding through this agreement is to provide Sussex with the time to correct their underlying issues and for the ECB ensure that all counties are treated fairly."
Interim Chief Executive of Sussex Cricket, Mark West, said: "We fully understand how disappointing this news will be for everyone connected with Sussex Cricket.
"Since taking on the interim role at the end of last season, it has become clear that a combination of unsuccessful growth plans and wider economic pressures have contributed to the position the Club finds itself in today.
"We acknowledge that this has not been good enough. Our responsibility now is to put things right, strengthen how the Club is run, and ensure Sussex Cricket moves forward on a more stable and sustainable footing."
