Record year could mend CWI’s balance sheet: Serious

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BRIDGETOWN, Barbados, CMC – Chief executive Johnny Grave is confident a ‘record year’ of revenue can transform Cricket West Indies’ finances crippled by the COVID-19 pandemic and return the organization to sustainability.

Highlighting the big money-making home tours this year, as well as disbursements from the International Cricket Council, Grave said CWI could end up with a large surplus that would help erase the deficits incurred due to the past two years. of the global pandemic. And barring any setbacks, Grace pointed out that 2022 could be the first of three consecutive years of strong revenue for the regional governing body.

“I think if we have a very good year this year and everything goes to plan, potentially by the end of this year, we could look to get back to that normal score and if not, very soon after,” the Englishman told Starcom Radio. Mason and Guest Cricket Show.

“We are now very focused on delivering a record year of revenue to the organization and, more importantly, a record surplus which would lead to reversing the majority of the deficit that we have accumulated during this very difficult period of two years under COVID.

“And with 2023 looking like a good year both in terms of our international home series and a bumper year for the ICC with the final year of their current business cycle ending with the 50+ World Cup – their most economically generating event and it happens in the largest market [of] India – 2023 will be a very big year for the ICC.

He continued: “[It will be] a record year and therefore good for us in terms of record distributions, coinciding with a strong Future Tours program for the men’s team.

“With the news that we’re having the T20 Men’s World Cup in 2024, there’s a good, solid year planned then, so all good – knock on wood – we’ll have three very good years and massively repair the balance sheet and get the the organization completely back on track from a financial point of view.

CWI’s revenue disappeared in 2020 at the height of the pandemic, the organization was forced to abandon all of its revenue-generating home visits as international travel slowed amid government-mandated shutdowns around the world .

The Antigua-based body was forced to announce major cuts, slashing all salaries by 50% and also cutting all funding related to cricket in the region. Tours of the region last year by Sri Lanka, South Africa, Australia and Pakistan marked a return to normal, but it’s the much-vaunted red-and-white ball tours of England this year – in front of crowded stadiums – which gave CWI a major boost.

Grave said the arrival of Indian powers in the Caribbean later this year would also help financial recovery.

“In terms of West Indies Cricket [revenues]it’s very simple,” he explained.

“The tours are India and England so we are hoping that the arrival of India in August this year will be a huge boost and allow us as a result of this England tour, both in T20 and in testing, to have a record year from a financial perspective.

“We also hope to host India again for Test matches and white ball cricket in 2023, so it should be a very good year as well.”

Grave said that with two World Cups – the T20 centerpiece in Australia in October and next year’s 50+ version in India – the ICC would also benefit from a slight increase in finances which would benefit CWI.

“We’re hoping for up to $10 million more in 2023 than previous years,” he said.

“We may not receive the money immediately because it could be released in the next financial year in terms of receiving the money, but in terms of actual amounts, this is what we are looking at for 2023 … which will be much needed in terms of repairing our balance sheet.”

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