George Kennedy lends Kent County Cricket Club several hundred thousand pounds
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Kent chairman George
Kennedy Picture:
Paul Dennis
Exclusive by Andrew Gidley
Kent chairman George Kennedy has
made a major six-figure loan to help ease the cricket club’s
financial burden.
The shock revelation comes in the week the county revealed
another huge loss for the second successive year, totalling more
than £800,000.
Explaining his decision, Mr Kennedy
said: "To help avoid further bank charges that would have had a
damaging effect, I have made a loan of several hundred thousand
pounds.
"I hope that members and supporters
see this as a sign of my absolute commitment to ensure the future
success of the club."
Kent’s deficit was £802,452 for the
year ending October 31 2009, an increase of more than £110,000 on
the previous year. It includes losses of £190,000 on two summer pop
concerts, £150,000 paid out in staff settlements, and £140,000
relating to earlier years, which includes bad debts and VAT
payments.
Mr Kennedy, now in his second year
in the job, said: "The three are non-recurring debts, and are
unlikely to happen again, so would bring the loss down to around
£300,000, which is half (what we lost) the previous year.
"So from a trading position going
forward, I am actually quite bullish, and feel we are in reasonable
shape."
A year ago Mr Kennedy told members
the 2009 figures "should result in an outcome closer to break even"
but admitted: "I don’t regret it, but anything you say may be taken
down and used against you for sure – the losses on the concerts
were a major blow."
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Thursday, March 11 2010
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