The gulf between the “haves” and “have-nots” in county cricket is wider than ever before, and is set to grow further still in the wake of last year’s Hundred equity sale, according a new report into the domestic game’s finances.
The Leonard Curtis Cricket Finance Report 2026, which was published at Edgbaston on Wednesday, found that the “big four” counties of Surrey, Lancashire, Hampshire and Warwickshire generated 53% of all the revenue of the 18 first-class counties: £134 million out of £253 million.
Each of the seven counties that host Hundred franchises (excluding MCC, which co-owns London Spirit) are ranked among the top 10 for financial viability, while the report warns that there are a “series of financial realities” on the horizon for the sport, despite the £520 million windfall that the counties received from the sale of Hundred franchise stakes last year.
The report highlights the plight of Sussex as a particular cause for concern. Earlier this year, the club was hit with points deductions by the ECB, after recording an operating loss in 2025 of £1.33 million. With a wages-to-revenue ratio of 58%, ranking them 14th out of the 18 counties, and with net debts of nearly £4 million, the club is struggling to retain the talented squad that finished fourth in last season’s top flight of the County Championship, having secured promotion in 2024.
“This year’s report shows English cricket at a genuine turning point,” David Brown, the former county cricketer and Leonard Curtis director, said. “The £520 million Hundred windfall is already helping counties pay down debt and invest in their futures, but the gap between host and non-host counties appears to be widening rather than narrowing.
“Sussex’s financial difficulties are a warning sign for the wider domestic game about the risks of rising costs outpacing revenue,” Brown added. “The challenge now is ensuring the windfall translates into long-term financial resilience for every county and the pathways that will deliver the next generation of professional players.”
Michael Vaughan, the former England captain who wrote the report’s foreword, said: “Developments over the past year have shown us that the windfall from The Hundred is urgently needed. While they face varying challenges, counties need to be sustainable, 12-months-a year businesses that are not reliant on central ECB funding to survive.
“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 part of the report, Leonard Curtis has introduced a Digital Footprint Index, which assesses each club’s presence across major social media platforms. It found that Surrey, county cricket’s richest club, came out on top, with an Instagram reach of 228,000 which exceeds that of the bottom five clubs combined – Glamorgan, Northamptonshire, Worcestershire, Derbyshire and Gloucestershire.
The report also includes a new England Player Development Rankings, which covers the period from January 2015 to March 2026, and shows a broad correlation between the clubs with the highest revenue, and those with the most success in producing England Men’s players. Yorkshire, Warwickshire and Surrey are the top three in the rankings, while Worcestershire, Gloucestershire and Glamorgan make up the bottom three.
Prof Rob Wilson, who is 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.”
