Middlesex is fined and suspended points for “historic financial mismanagement”.
Idlesex was fined £50,000 and had points deducted suspended for the club’s “historic financial mismanagement”.
The England & Wales Cricket Board imposed the penalties after an investigation uncovered the county’s failure to comply with financial regulations.
The ECB will cut its annual dividend to the club by £150,000, although £100,000 of that amount will be suspended until 2025, while there will be points deductions worth 24 points in the County Championship and two points each in the T20 Blast and One-Day Cup will also be suspended for two years.
In addition, Middlesex will be forced to submit a business plan to the ECB demonstrating a “sustainable annual profit” and limiting player spending. The investigation found that governing body funds earmarked for development and recreational formats were spent on the first team.
“We have agreements in place with all of our cricket clubs and county cricket boards to ensure that ECB funds are used appropriately and for their intended purposes,” said Richard Gould, chief executive of the ECB. “Where there are breaches of our regulations and agreements, it is right that we take appropriate action.”
Middlesex posted a record loss of £952,000 at the end of 2021 after an internal investigation into “serious administrative irregularities in the club’s pension system, the rectification of which had a significant impact on the club’s financial position”.
This finding led to a wider investigation into the club’s mismanagement under its previous leadership, under new CEO Andrew Cornish, who only took on the role in mid-2021.
“Of course, we are extremely disappointed with the outcome of the ECB investigation and the sanctions that will be imposed on us in the future,” the club said in a statement. “However, today’s announcement from the ECB draws a line under the matter and we accept their findings that the club had a history of financial mismanagement under the previous administration over a number of years.”
https://www.standard.co.uk/sport/cricket/middlesex-fine-points-deduction-b1106389.html Middlesex is fined and suspended points for “historic financial mismanagement”.
