Cricket South Africa has recorded losses of approximately R180 million (US$14.16 million approx) over the posptoned T20 Global League, ESPNcricinfo has learned. Though the amount is significant, it is just over half the US$25 million the organisation was forecast to lose if the event had gone ahead.
More than half the losses (around R80 million, or US$630,000 approx) will be spent in player payouts, which will take place in three installments to reimburse players 60% of their contract fees for the tournament. But CSA has reserves of over R500 million (US$39.34 million approx), which resulted in the body declaring itself in a “healthy financial position” at a Special Board of Directors Meeting on Wednesday, despite the heavy losses.
The meeting was held at the conclusion of an internal investigation, which looked into the reasons the T20 Global League was financially unviable and found that while there were “pervasive governance lapses” around the tournament, “all monies were adequately accounted for” and there were “no irregularities or financial mismanagement”.
CSA will now send the reports to external auditors, who have already started work and will take between eight and 12 months to complete their task, to determine a further course of action.
More to follow