ECB warns of up to £50m deficit in 2027 despite Ashes visit by Australia
The England and Wales Cricket Board (ECB) told county executives last week it is forecasting losses of as much as £50m in 2027 in England and Wales despite Australia touring for the Ashes next year. The board posted a £12.6m profit in 2025 but attributes the projected shortfall to weaker media revenues and an International Cricket Council decision to withhold part of next cycle’s broadcast payments.
The ECB says the shortfall stems from the cyclical nature of its media income, which is largely determined by which nations play at home, combined with the ICC’s withholding of a portion of distributions due in 2027. In its 2025 accounts the ECB warned it expected a "significant loss" in 2027 because England will not host India; the latest estimate is substantially higher than that forecast and has prompted concern among the county clubs. Ten of the 18 first-class counties recorded losses in their most recently published accounts, and the vast majority rely on ECB funding to remain going concerns.
ECB sources have privately acknowledged the scale of the projected losses but say the eventual deficit could be reduced to around £35m, noting the amount the ICC will withhold has not been finalised. They also point out there is still time to add commercial and event revenue because the 2027 accounting period runs until 31 January 2028. The ECB is understood to be working with the ICC to try to mitigate the impact of the reduced distribution.
The ICC’s decision to hold back payments is linked to concerns about a projected decline in the value of the world governing body’s next Indian TV deal, with current contracts expiring next year. The ICC would ordinarily give its 12 full members larger, back-weighted media payments in the final year of the broadcast cycle to coincide with the men’s 50-over World Cup, but it has opted to withhold part of next year’s distribution to smooth an anticipated drop in payments in 2028.
Disney Star paid US$3bn (£2.2bn) for the ICC’s Indian media rights covering 2023–27, but after a 2024 merger with Reliance Industries and Viacom18 it sought to exit the deal, creating widespread expectation that bids will be much lower in the next cycle as competition has been removed. The ECB is also hugely reliant on money from Indian TV; its current $250m (£185m) six-year rights deal with Sony Pictures expires in 2028, with the expectation that the next contract will be significantly smaller.
Sony’s payments are substantially higher in seasons when India tours England: the £12.6m profit in the ECB’s 2025 accounts was underpinned by that summer’s five-Test series, and the eight white-ball matches played this summer are projected to generate another profit in the ECB’s 2026 accounts. By contrast, Channel 9’s exclusive rights for Australia’s tours to England in 2027 and 2031 are worth only $27.5m (£20.2m) to the ECB, a disparity that has historically made Ashes summers less lucrative despite strong domestic interest.
Broadcast sales account for about 75% of the ECB’s £310m annual revenue, and the domestic rights deal with Sky Sports expires in 2028 after not rising in value since 2019. Central funding to counties increased by 31% from the previous cycle to £512m between 2025 and 2028, and the ECB is investing an additional £5m each year in women’s cricket over the same period. Last year the board raised £520m from the part-sale of the eight Hundred franchises, though most of that sum is frozen in an escrow account for counties to use on debt repayment or infrastructure; the ECB also holds around £60m in cash reserves and is aiming to increase that to £80m.
With ICC discussions underway and the accounting period remaining open until 31 January 2028, ECB sources say there is a window to secure extra revenue and reduce the forecasted deficit toward the £35m figure they have cited.
