THE Rose Bowl plc, the company who run Hampshire cricket, have suffered one of the largest losses ever recorded by a county cricket club.

In the year ending October 31 2002, the company suffered an operating loss of £1.105m and an overall loss of £4.384m.

Rose Bowl PLC chairman Rod Bransgrove, pictured above, who is also Hampshire Cricket's chairman, described the losses in his directors' report as merely "disappointing."

The figures were drastically up on the year 2000, when the former Hampshire made a pre-tax loss of £301,000, and on 2001, when it lost £246,000.

When asked for his comments on the accounts yesterday, Bransgrove said: "All I have to say is in the press release." But sadly, as the Daily Echo went to press this morning, we had received no such release.

But Bransgrove gave the impression he was not unduly concerned by the losses, which cover a year in which Hampshire suffered relegation from Division 1 of the County Championship and sacked coach Jimmy Cook two-thirds of the way through the campaign.

For the year ending October 31, the Rose Bowl PLC had a turnover of £3.978m with wages included in the £2.851m cost of sales, equalling the £1.105m shortfall in operating loss.

Exceptional administrative expenses totalled £3.130m, including 'paper figures' of £1.273m for what is known as impairment of goodwill and £1.103m for impairment of fixed assets.

In layman's terms, the value of the Rose Bowl PLC's facilities has suffered a drop in value compared against the cost of what they cost to develop.

But these are figures drawn up following the operating loss and not actually monetary losses. As such, they fluctuate from year to year and would be considerably less should the Rose Bowl PLC record a profit next year.

Other costs contributing to the £3.130m figure include £428,000 on the setting up of a share issue scheme, £155,000 in redundancy and severance costs and £155,000 in compensation payments.

In all, staff salaries made up £2.015m with the company employing 70 players, coaching staff and other ground staf plus 27 catering staff and 11 administration.

Bransgrove is one of three main Rose Bowl PLC directors with managing director Nick Pike and director of cricket Tim Tremlett the other two.

There are four non-executive directors - ex-skipper Mark Nicholas, Patrick Trant, Jeremy Hamer and Feroze Janmohamed.

During the financial year for which the above figures relate to, the Rose Bowl PLC acquired the cricket and associated operations of Hampshire CCC and also acquired a catering business.

Bransgrove, wrote in his report: "The directors are confident once the Rose Bowl facilities have reached a mature level of operations the valuation of the business will increase to a level in line with previous expectations."

The Rose Bowl, built in 2001, is a 150-acre purpose built community development, dedicated to sport, entertainment, leisure and recreation, as well as providing extensive business facilities.

Apart from the cricket ground, the site also boasts a golf course, fitness and health club and has plans for a 130-bed hot-el and state-of-the-art two-tier driving range.

Speaking in the Daily Echo earlier this week, Pike said Hampshire's vision "was to have the leading events venue in the south region."

And pop and classical music concerts, plus revenue from well supported Twenty20 Cup games and a fireworks concert, should result in better figures this time next year.

Bransgrove also recently told the Echo that he wants the Rose Bowl PLC listed on the Alternative Investment Market.

"Our aim is to extend beyond sport and into a sports and entertainment industry," he said.