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Cricket Australia Revenue Will Reach $1 Billion in Next Cycle

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Oct. 24 (Bloomberg) -- Cricket Australia said revenue rose 63 percent to A$684 million ($660 million) in 2009-2012 and is projected to reach A$1.08 billion over the next four-year cycle.

The governing body said at its annual general meeting in Melbourne today that it’s on track to achieve its goal of having cash reserves of A$70 million by 2016-17. It records revenue over a four-year period due to annual fluctuations in income depending on which national teams tour Australia.

The growth comes even as Australia’s Test team struggles on the pitch, winning only one of its 10 elite matches so far in 2013. Australia will seek to avoid a fourth straight Ashes series loss to England when the teams meet in a best-of-five contest starting Nov. 21 in Brisbane.

“Financially, we’ve never been in better shape,” Cricket Australia Chairman Wally Edwards said in a news conference broadcast on his organization’s website. “A lot of good things are happening and we just need to win the Ashes now and I’m sure everyone will be laughing.”

In June, Cricket Australia sold domestic broadcasting rights to Nine Entertainment Co. and Ten Network Holdings Ltd. for A$590 million over the next five years. The new agreements represented a year-on-year average increase of 118 percent on the governing body’s previous broadcasting arrangements, Chief Executive Officer James Sutherland said at the time.

To contact the reporter on this story: Dan Baynes in Sydney at dbaynes@bloomberg.net

To contact the editor responsible for this story: Christopher Elser at celser@bloomberg.net

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