A loss of more than £706,000 has been announced by Kent County Cricket Club.

The pre-tax operating losses of £706,536 is for the financial year to October 31, 2008.

Figures reveal the county spent £1m on architects and other professional fees and costs connected with the St Lawrence ground re-development scheme, shelved when the developers Persimmon pulled out.

Treasurer Alistair Dunning said: “This is money we have had to find, but that figure does not take into account the values of those three plots of land (the Bat and Ball field, practice area and potential hotel plot) which have considerably increased now that planning permission is in place.”

The county highlight four main reasons for the shortfall: delays to the planned St Lawrence re-development scheme; the loss of expected sponsorship payments of £100,000 from the re-development partners and projected interest on capital receipts of around £125,000; poor weather, badly affecting 14 days play during home games; the economic environment which affected the club’s commercial income.

Read the full story here>>>