Challenges ahead for county cricket, as success of The Hundred teams widens financial gap

As The Hundred reached its exciting final this weekend after five weeks of play by a roster of world-class cricketers, a report examining the financial health of county cricket in England and Wales has highlighted there may be challenges ahead for its non-host counties

Press contact: Rebecca Ferguson | r.ferguson@shu.ac.uk

The Cricket Finance Report 2026, published by Leonard Curtis – experts in financial, legal, and business advice – shows a widening gap in revenue between the seven counties who host a team in The Hundred, and those who don’t. 

Sheffield Hallam University’s Sports Industry Research Group, which specialises in economic and social impact evaluation for major sporting events, contributed its expertise to the report, collecting data and providing commentary on the financial findings and future of player development. 

The report’s warning comes despite sales of stakes in The Hundred’s eight franchise teams to investment groups by the England and Wales Cricket Board (ECB) a year ago. The sale generated a £520m windfall to be shared amongst both host and non-host counties to support domestic and grassroots cricket. 

While hopes have been raised about the long-term outlook for county cricket since the sale, the report, which provides detailed analysis of counties’ financial positions over the last ten years, warns the county game faces a “series of financial realities” despite the windfall. 

First held in 2021, the fast-paced 100-ball competition, The Hundred was designed to attract more investment and diverse audiences to the sport, with teams that represent cities, rather than the traditional county structure. Seven of the 18 first-class counties host eight women’s and men’s teams from cricket’s best and brightest talent from around the world.   

From left to right: Robbie Millar, report co-author from Sheffield Hallam University at the report launch, with Gess Howarth, Sphera Partners, Alex Cadwallader and David Brown, Directors of Leonard Curtis, Dr Dan Plumley, Loughborough University, Jonathan Dyson, journalist and report co-author, Professor Rob Wilson, University Campus of Football Business, Gordon Hollin, Thinking Sport.

The report features a Financial Performance Index for the 18 first-class counties, ranking clubs based on their results on and off the field from 2015 to 2024 (where financial data from all counties is available).

The seven counties with a Hundred franchise all feature in the top ten of the Index, with the figures showing that the ‘big four’ of Surrey, Lancashire, Hampshire and Warwickshire, generated 53 per cent (£134m) of the total annual revenue of all 18 counties (£253m) in 2024. 

The report highlights the financial challenges facing non-host clubs, including lower revenue streams, operating losses and under-investment which could influence the future of county cricket.  

Alongside these, the opportunities that could be created from the windfall - which will equate to between £22 and £28 million for all 18 counties - are also examined in detail, including achieving sustainable growth through investment in the women’s game, support for pan-disability cricket, and investment in facilities and talent to diversify revenues streams. 

Robbie Millar, report co-author from Sheffield Hallam’s School of Sport and Physical Activity, said: “Our finance of cricket report showcases the financial health of each Professional County Cricket Club (PCCC) and shines a light on the reality that those counties that host a Hundred franchise, generate significantly more revenue than the those that do not, and this gap is growing. 

“The Hundred hosts counties have been able to develop significant revenue streams outside of cricket. Let's take Lancashire CCC, who host the Manchester Super Giants based at Emirates Old Trafford Stadium. You can go to a music concert at their stadium, a conference or an event, or even stay at one of their two on-site hotels. Whereas other non-hosts lack this revenue generation from non-cricket sources. 

“Now, with the influx of revenue from the sale of The Hundred franchises, non-host counties will need to make some important financial decisions going forward in how to invest in their facilities, and ability to generate revenue from beyond cricketing means if they want to secure their future.” 

The report also includes new England Player Development Rankings for the period from January 2015 to March 2026, which show a broad correlation between the numbers of England men’s players produced, total appearances, and a county’s position in the Cricket Revenue League. 

The Hundred franchise hosts, Yorkshire, Warwickshire and Surrey, are the top three in these rankings, while Worcestershire, Gloucestershire and Glamorgan make up the bottom three.  

Rob Wilson, a Professor of Applied Sport Finance and co-author of the report, said: “As the game enters a new era of investment, there is a real opportunity to strengthen the entire ecosystem by supporting the player journey from grassroots through to the professional game, while also expanding cricket's digital footprint to engage new audiences, unlock commercial value and ensure the sport remains relevant and financially sustainable for the next generation. 

“To achieve sustainable growth, county cricket cannot rely on traditional revenue streams on their own. The data shows that long-term success is increasingly driven by diversified commercial income, investment in infrastructure and disciplined financial management.” 

Former Ashes-winning England captain Michael Vaughan, wrote the report’s foreword, and said that counties need to be sustainable businesses that are not reliant on central ECB funding to survive. 

He commented: “Developments over the past year have shown us that the windfall from The Hundred is urgently needed. I would love to see some of The Hundred money put towards developing county academies, which are jewels in the crown, and to see the county game really coming together and working to improve things, both on and off the field. How can they work collaboratively to improve their balance sheets, attendances, memberships and fanbases?”  

“As county cricket continues to evolve in a competitive landscape its ability to think like a business will remain essential.” Leonard Curtis CEO, Dan Booth, commented in the report. “This report is not just designed to shine a light on issues but create a forum between business and sport to help solve problems. When we exchange lessons in leadership, innovation, performance and culture we will inspire both sporting and commercial success.”

• Read the full report at Leonard Curtis