Cricket South Africa reports loss; looks to recover with India, Australia home tours

The South African cricket tboard said there had been investments in major capital projects to grow the sport in South Africa. It was also in the process of building its own headquarters.

By: Express Web Desk | Published: September 3, 2017 1:23:40 pm

cricket south africa, csa, india vs south africa, ind vs sa, south africa vs india, south africa vs australia, csa losses, cricket losses, cricket news, sports news, indian express Cricket South Africa reported loss for fiscal year. (Source: Reuters)

Cricket South Africa (CSA) has announced an anticipated loss of Rand 159 million ($12.28 million USD) for the current fiscal year but it aims to fatten its coffers when India and Australia come calling in the new year. The two series featuring three of the biggest sides in world cricket will be played on  a back-to-back basis with India scheduled to begin tour late in December with Australia to follow right after.

The expected loss were reported by the CSA during its AGM in Cape Town on Saturday, but maintained that the authority’s finances were still strong. “In commenting on the financial statements, I would like to stress that CSA remains in a very healthy financial position. We have a very strong balance sheet and a favourable cash position. Our income balance after taking into account the loss for the year is R655-million,” CSA President Chris Nenzani said. “As is well known our budgetary forecasts are based on a four-year rolling plan as the vast majority of our income comes from television revenue generated from incoming tours. As a result, we anticipate a very strong financial year in 2018 as a result of the incoming tours from India and Australia,” Nenzani added.

The South African cricket tboard said there had been investments in major capital projects to grow the sport in South Africa. It was also in the process of building its own headquarters which Nenzani said would be a significant money-saving project in the long term.

The board is also likely to earn handsomely when the T20 Global starts on November 3.

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