Kent County Cricket Club have announced pre-tax operating losses of £706,536 for the financial year to 31 October 2008.

The figures reveal the county spent £1m on architects and other professional fees and costs connected with the ground re-development scheme which was put on hold when the proposed developers pulled out.

Treasurer Alistair Dunning said "This is money we have had to find but that figure does not take into account the values of those three plots of land (the Bat and Ball field, practice area and potential hotel plot) which have considerably increased now that planning permission is in place."

The county highlight four main reasons for the shortfall described as "extremely disappointing" by chairman George Kennedy.

1) Delays to the planned St Lawrence re-development scheme with preferred partners Persimmon Homes (South East Ltd) and hotel developers Vantage Ltd

2) The loss of expected sponsorship payments of £100,000 from the re-development partners and projected interest on capital receipts of around £125,000

3) Poor weather,badly affecting 14 days play during home games with a resultant drop in gate receipts, catering and profits from the Club Shops

4) The adverse economic environment which badly affected the Club's commercial income.

In a statement the club said: "Though the Spitfires reached two one-day finals, the additional knock-out games led to an increase in team bonuses, travel and hotel costs.

"A decline in membership led to a £20,000 shortfall in budget. Match receipts went up by £80,000 - some £60,000 ahead of budget, but that figure was eroded by player bonuses and added travel costs."

Health and safety issues at Canterbury and Beckenham cost in the region of £50,000 and marketing income showed a loss for the first time in many years, dropping to £465,000, including a significant shortfall in profits from the club's retail outlets.

Profits from the Physiotherapy Clinic and the Kent Academy Sports Centre were also slightly down.

Players' salary costs increased to £1.49m (£130,000 over budget) which included ECB pize money whilst coaching costs increased by £12,000.

Mr Kennedy said: "The results are extremely disappointing. However, I promised we would examine our budget for this year more accurately to reflect our business needs. That budget has now been agreed by committee and should result in an outcome closer to break even."