WACA posts record loss
The WA Cricket Association has reported a record $1.9 million loss as the fallout over its failed ground redevelopment hit cricket's bottom line.
Despite receiving record revenue of $29 million last financial year, the WACA lost nearly $2 million after including its settlement with development partner Ascot Capital.
It was the WACA's first deficit since 2005 and the biggest loss in its 129-year history.
And the WACA also confirmed the failed project cost $7 million - nearly double the $3.6 million payment to Ascot revealed by _The West Australian _last month.
"The total of preliminary costs incurred over the duration of the project is $7.0m," the annual report said.
But president Dennis Lillee said the WACA received considerable value from the failed development.
"The work has not been wasted, as the WACA has achieved planning approval for residential units and commercial space along with a significant increase in its land value," Lillee said in the report.
"It is appropriate for me to thank Ascot Capital and the team of consultants for their determination to try and make the WACA redevelopment a reality.
"After I personally persuaded the ever-willing Ascot Capital to help the WACA, it set the impetus for my vision to keep the WACA Ground as the iconic and spiritual home for West Australian cricket."
