The financial crisis which almost plunged Yorkshire into bankruptcy last year has resulted in a record loss for the club of more than £1million, members will be told at the club's annual meeting at Headingley on March 29.

The accounts have yet to be audited but the final extent of the deficit will be far greater that anything previously experienced.

Usually in bad years, Yorkshire have finished up about £30,000 in the red but they have never before gone through such lean times.

Although the figures will make gloomy reading, they come as no surprise to the management board who had the situation outlined to them last night by finance director, Brian Bouttell.

"I am not horrified by the figures and most of the damage was done before we took over the running of the club last August," said Bouttell.

"It was impossible for us to have any impact on the 2002 figures but the turn-around process is now in place and this year we have a set of budgets which we know we can meet."

The cost of Yorkshire's redevelopment of Headingley and heavy losses on the marketing side of operations contributed to the slump but the club have now set realistic targets for subscriptions, sponsorship, marketing and the club shop.

Updated: 12:38 Friday, January 24, 2003