A dramatic improvement in Leicestershire's financial position is reflected in the club's balance sheet.

County made a profit of £294,022 in the year ending September 30, 2011.

That compares with a loss of £404,862 in the previous 12 months.

The turnaround is partly a reflection of success on the field in the Friends Life t20.

That brought an injection of £60,000 prize money into the Grace Road club's coffers and it also played a significant role, as did the one-day game against India, in match receipts almost doubling from £139,530 to £263,272.

With the long-term in mind, it is also encouraging that commercial income, which includes sponsorship and match-day hosting, rose from £233,348 to £389,996.

Chief executive Mike Siddall said of this item of income: "We have worked hard to get out and about and the commercial team have done really well."

Income from the England & Wales Cricket Board rose by about £300,000 as a result of a well-supported international series against India.

Donations rose from £47,693 to £182,501.

A club statement said: "The board wishes to thank many private donors who helped the club and who wish to remain anonymous."

That all helped income increase by about £650,000 to £3,071,381.

Expenditure dropped by nearly £50,000 to £2,777,359.

Siddall said: "The board is delighted to see a healthy profit after the massive loss in 2010.

"We have implemented a number of measures to bring the club's finances under control.

"The club has no debt and all payments to HMRC and creditors are up to date, which is a far better position than we were in 12 months ago.

"Leicester City Council has signed a deed of variation with regard to the covenant on Grace Road, which now gives the club some tangible security to offer its bankers.

"However, the current year will not have the benefit of the exceptional income received in 2011 and, with the economy close to recession, commercial income is difficult to secure."

Siddall added: "The directors have set a break-even budget for 2012 and we will need the support of members and corporate sponsors to achieve this target.

"With this in mind we have strengthened the commercial department in order to produce greater sponsorship and related income."

Siddall added that he saw these figures as a step in the right direction and added: "About 18 months ago, we owed the taxman £230,000 and that has been paid off. We also had significant borrowings at the bank and now we are in credit."