Two-Day Ashes Tests Cost Cricket Australia $20m as Deficits Loom

Two Ashes Tests ended inside two days, and the bill has landed. Cricket Australia says the abbreviated matches in Perth and Melbourne cost it roughly $20m in revenue. The governing body still banked an $82m surplus, but the bigger worry is the forecast: two straight years of deficits.

A Record Year With a Costly Dent

The 2025-26 season was supercharged by the men’s Ashes, the traditional peak of Cricket Australia’s four-year cycle. Strong broadcast interest, ticket sales and commercial revenue pushed annual revenue to a record $601m. That is a jump of almost $150m on the previous year.

The organisation finished the year with $87.5m in cash and investments. On paper, it was a blockbuster summer. Behind the headline numbers, though, two very short Tests left a serious hole.

Perth and Melbourne Left the Biggest Gaps

The MCG Test drew a record Ashes crowd of 94,000, yet it was over in two days. The shortfall from that match was first estimated at $10m, but the final total proved higher. The Perth Test, which also failed to reach day three, left an even deeper gap.

Chief executive Todd Greenberg put the combined hit at “give or take $20m” and called it “significant”. Outgoing chair Mike Baird could see the funny side, at least publicly.

“We’ve had a record Ashes crowd at the MCG, 94,000, only going two days there. Let’s mark it down that five-day Tests are a good thing, Boonie.”

Baird was speaking to his successor, former Test batter David Boon, during Wednesday’s AGM.

The Key Numbers at a Glance

How CA Covered the Gap

Greenberg said the organisation still met its financial targets. Other revenue lines stepped up to fill the void, including non-broadcast income and a sponsorship program that outperformed expectations.

“That’s a pretty solid outcome given the fact that we have two two-day Test matches, but we’ve over-achieved in some other areas like non-broadcast revenue, our sponsorship program outperformed.”

Deficits Loom as Tour Appeal Dips

The good times, however, are not set to last. Cricket Australia is warning of at least two years of financial losses. The reason is lower expected interest in the upcoming tours by New Zealand this summer, and by Pakistan and Sri Lanka the year after.

Cost minimisation will be one of the organisation’s priorities in the coming years. After an Ashes peak, the troughs in the four-year cycle are now coming into view. Notably, the anticipated sale of parts of BBL franchises has not been factored into those projections.

BBL Private Investment Takes Centre Stage

That context helps explain the push for private investment in BBL franchises. The process is set to begin with the Melbourne Renegades. It is proceeding despite opposition from New South Wales officials, and no deal has yet been secured with the players’ association.

Baird framed the move as a sustainability play, not just a cash grab. He argued that outside capital could lift capability, improve the fan experience and grow the competition.

“We want to get to a position where we’re sustainable. Part of the Big Bash work is, not only looking for the private investment, we also think that’s going to lead to increased capability.”

What Comes Next

Baird also said Cricket Australia is talking to the states about resetting the financial model if additional resources come in. That conversation could shape how revenue is shared for years. With the state associations and the players both watching closely, it will not be a simple negotiation.

For now, the picture is mixed. A record revenue year and a healthy surplus give Cricket Australia a cushion. The $20m lost to two-day Tests is a reminder of how much of the sport’s finances can hinge on a few dramatic sessions.

The next test is off the field. Can the BBL investment plan and tighter spending steer the game through the lean years before the next Ashes peak arrives?