Glamorgan County Cricket Club made a loss of �175,000 last season, more than three times the amount they lost the previous year. In his annual report to members, chairman Paul Russell says last season was a huge disappointment for the club.
But Russell says that there is plenty of hope for the future.
Meanwhile, director of cricket John Derrick says he is hopeful that Sophia Gardens could host Test Cricket within three-to-four years.
Glamorgan are now waiting for a council planning decision on controversial facility development plans and it is hoped that more floodlit cricket and the England-Pakistan match will help turn things round financially at the club.
Last year did see an operating profit of �124,000 and an increase of 30% in income from commercial activities.
But the loss of the Wales v England fixture, a smaller central grant, and poor on-field form cost the Welsh county.