Sussex have warned there could be more financial hardship ahead after reporting a significant loss last year.

The county reported a deficit of £141,000 in their annual accounts for 2015 – a £262,000 fall on the £121,000 surplus they made the previous year.

And chairman Jim May admits there will be no quick turnaround in the club’s economic fortunes with another loss of £94,000 predicted for this year.

May, pictured, said: “While it is disappointing it is by no means a huge problem for us as we still have no external debts like most other counties. We were aiming to break even last year and for a number of reasons it didn’t happen but we are very much in a position where we still feel comfortable.

“We invested more in the professional cricket budget last year and unfortunately it did not work out how we hoped it would. Obviously we will have to watch how we spend our money over the next few years but we are more focussed on generating extra revenue.

“Most county clubs are facing considerable financial challenges and need to be open minded about ways of creating additional revenue, both on and off the field.”

The figures would have been worse had Sussex not secured a home quarter-final in the NatWest T20 Blast last summer which brought in an additional £99,000 and offset the £32,000 raised by the tour match against Sri Lanka in 2014.

Matchday income, commercial and sponsorship revenue and catering all increased to boost Sussex’s overall turnover to £5.8million (up by £100,000) but that was offset by a fall in membership income and an increase in costs, including a £300,000 rise in the budget for professional cricket.

Sussex have already begun tightening their belts with five players – Mike Yardy, Steffan Piolet, Ashar Zaidi, Callum Jackson and Chris Liddle – all leaving the club at the end of last season following relegation to division two of the Championship.

They have been replaced by only two senior signings in Ross Taylor and Danny Briggs with the squad reinforced by academy products Fynn Hudson-Prentice, George Garton, Stuart Whittingham and Phil Salt.

The coaching staff has also been streamlined following Mark Robinson’s departure to take over as head coach of England Women while Sussex have also cancelled their annual pre-season training camp in Dubai to save money.

Sussex still have £794,000 in the bank thanks to the £12million legacy left to them by Spen Cama in 2001 – the majority of which was spent to redevelop Hove – but May admits action is needed to safeguard the club’s future.

May added: “Our intention is to get back into surplus by 2017 but a lot depends on the amount of money we receive from the ECB. With BT Sport joining Sky there is hope any new television deal will bring in more money.

“There are things we are doing to address the situation. The Tom Jones concert (announced yesterday) is symbolic of our attempts to generate more non-matchday income and we are confident the new offices we have built at the northern end of the ground will be let by May giving us all-year round revenue.

“In the long-run we are looking to see if we can develop the southern end of the ground. There is a shortage of housing in Hove so there is a possibility of developing the pub (The Cricketers) and adjacent land in three or four years’ time.”