Middlesex suffer another blow as the cash-strapped club lose their main sponsor Knight Frank… as they battle financial and governance issues after being fined by the ECB for breaking spending rules
- The estate agency terminated their agreement with the beleaguered club
- Their contract with Knight Frank would run until the end of the season
- Middlesex are now looking for a new shirt sponsor before the start of the summer
Cash-strapped Middlesex have suffered another major financial blow with the loss of their main sponsor, Knight Frank.
Mail Sport has learned that the global property agency firm has ended their contract with the beleaguered club, who are experiencing major financial and management problems after being fined by the ECB last year for breaching spending rules.
Middlesex’s four-year deal with Knight Frank was due to run until the end of this season, but the company reportedly ended their relationship early, leaving the club looking for a new shirt sponsor before the start of the summer.
As main sponsors with extensive branding at Lord’s and their logo on the front of all three of Middlesex’s men’s shirts as well as those of their women’s and disability teams, the Knight Frank contract contributed a large proportion of the £560,000 in sponsorship income the club generated last year received. and will leave a huge hole in their finances.
Knight Frank reportedly blamed changed market conditions for their early withdrawal from a four-year contract. Middlesex are in talks with several other companies about an alternative sponsorship deal and have announced that Castore will make their kit from next season after opting not to extend their existing deal with Nike.
Middlesex suffered another blow with the loss of their main sponsor, Knight Frank
It comes after the beleaguered club was fined last year for breaching financial rules
Middlesex have yet to inform the membership of the loss of Knight Frank despite holding a members’ forum at Lord’s last week, an omission likely to cause some angst among supporters.
The club has already come under pressure from members complaining of financial mismanagement after they booked losses of £950,000 in their 2022 accounts with their cash reserves down from more than £2m five years ago to just over £200,000.
Knight Frank’s decision to walk away follows Middlesex being placed in special measures by the ECB last September, which imposed a £150,000 fine and suspended points deduction for financial irregularities which, as Mail Sport revealed, involved the club spent money they received for grassroots programs on their professional setup.
As part of the disciplinary process, the ECB must now sign off Middlesex’s accounts and also have the right to attend the club’s board meetings.
Middlesex’s financial problems have forced them to make several decisions that have sparked protests from members, most notably the extraordinary move to switch two T20 Blast home matches this season to Essex’s ground in Chelmsford on grounds of cost.
Knight Frank’s deal with Middlesex was originally due to expire at the end of the season
Middlesex have yet to inform the membership of the loss of their main sponsor despite holding a members’ forum at Lord’s last week
In addition, the club announced last month that they would not sign an overseas player this season because they could not afford the salary, despite the importance of gaining promotion to Division One of the Championship after last season’s relegation.
Middlesex announced some much needed good news today with confirmation of a new kit deal with manufacturer Castore, who will replace Nike as their supplier from this season.
The club declined to comment on the end of the Knight Frank relationship.