MCC Financial Performance

Since 2003 MCC published Accounts have recorded a profit greater than Members’ annual subscriptions ONCE! And this only occurred in 2021 simply because £7.7 million was included from the sale of Life Memberships.

This is an appalling return on an asset which would surely be valued in excess of £3 Billion, and arguably substantially more. The Board of any listed company would have been sacked long ago by shareholders for such a dismal return on asset value. The commercial operation of Lords is currently run by amateurs and should be separated from the operations of the Members’ club and managed by professionals.

The All-England Lawn Tennis Association received a £120 million Business Interruption insurance pay-out for losses sustained during the Pandemic. MCC did not have any Business Interruption Insurance in place when Covid-19 struck. As a result, the losses on Catering & Hospitality, Cricket School and Tour operations totalled £3.710 million in the 2 years 2020 & 2021; compared to a profit of £7.466 million in 2019 alone. If MCC had taken out Business Interruption Insurance covering losses in 2020 and 2021 - a claim under Business Interruption Insurance would have resulted in a pay-out to MCC of at least £18.6 million. This represents nearly 2 years of Members’ Annual Subscriptions. MCC did not have Business Interruption Insurance in 2019, does it have it now?

MCC had an unfunded Pension deficit of £11.81 million at 31st December 2021, up from £3.7 million in 2016 which included an actuarial loss of £3.1 million. The Club made a special Pension payment of £1.254 million in 2021 yet the deficit reduced by only £1 million. No further proposal is given in the Accounts to reduce the deficit in future. So how is the Pension deficit to be funded?

MCC owns 4 properties in Grove End Road with a market value of £18.0 million+ and after taking a £7.7 million write-down in 2018. Rental Income over the period 2018 thru 2021 has averaged only £430,000 per annum, equivalent to a return on capital of 2.38% per annum. Have the Members ever voted to invest in property?

The figures quoted above are taken from MCC Annual Accounts published for the years 2018 thru 2021.