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Even a high-octane home summer - headlined by the blockbuster Border-Gavaskar series - could not keep Cricket Australia (CA) in the black. Australia played a five-match Test series against India at home. The governing body posted a net deficit of A$11.3 million ($7.34 million) for the 2024-25 financial year, as surging costs and expanded touring schedules overshadowed what was otherwise a record-breaking year in revenue. At its annual general meeting (AGM) on Thursday, CA announced total revenue of A$453.7 million, up A$49.2 million from the previous year. The growth was fuelled by a new domestic media rights deal and strong match revenues from the five-Test Border-Gavaskar series - one of cricket’s most commercially valuable rivalries. However, the financial boost was tempered by a steep rise in operating costs. Expenses climbed A$24.1 million, driven by marketing efforts around the India series and the expense of funding an additional 70 days of touring for Australia’s national teams. The financial results underline a growing tension in modern cricket - balancing the commercial rewards of marquee contests with the increasing costs of sustaining elite international schedules. Distributions to CA’s member states and territories showed only modest growth, rising by A$800,000 to A$120.9 million, prompting frustration from within. Cricket Victoria (CV) delivered a sharp rebuke over the annual loss, accusing CA of failing to deliver meaningful financial progress despite a series of costly structural reviews. “For another year, CA is presenting a financial loss with a balance sheet showing member funds in deficit,” said CV Chairman Ross Hepburn at the AGM. “It is especially disappointing that since FY2019, Cricket Australia's accounts have shown significant cumulative loss, excluding COVID-related impacts and World Cup revenue.” Despite the criticism, CA leadership remains optimistic about the future. CEO Todd Greenberg said the 2025–26 outlook was “positive,” with Australia set to host England in a five-Test Ashes series beginning November 21 in Perth. CA expects a major commercial rebound next year, forecasting an increase in sponsorship and broadcast income from A$69 million to A$86 million. “The Ashes and India white-ball content in FY26 is expected to deliver significant profit to CA,” said CFO Sarah Pragnell, “and this will enable CA to rebuild its net assets and cash reserves for the next cycle.” Meanwhile, CA continues to explore private investment in Big Bash League teams, a move aimed at unlocking new value and enhancing competitiveness with global leagues such as the Indian Premier League (IPL). But securing the backing of state associations may prove to be the toughest test yet. “We believe that all other options need to be diligently canvassed before resorting to selling off member assets,” Hepburn warned.
