CWI money woes have knock-on effect
Caribbean Life, Oct. 2-8, 2020 27
By George Alleyne
The perilous state of Cricket
West Indies’ (CWI) finances has
Barbados Cricket Association
(BCA) officials fuming over
money owed, caused them to
begin withholding services and
they are considering demanding
future cash payment for
work done.
CWI is in debt to the tune of
$992,198 rendering it unable to
make full payments to regional
cricket boards for various services
such as hosting competitions
as agreed by contract.
Further, money owed to the
various boards based on commissions
paid by Indian Premier
League (IPL) administrators
to CWI for West Indies
players in the clubs has not
been forwarded.
The Barbados Nation newspaper
has reported that in the
case of this island IPL money
due by CWI that it received
from IPL reaches back all the
way to 2018.
For its three players who
participated in the 2018 IPL
Cricket West Indies owes BCA
$188,077.
BCA President Conde Riley
reportedly said in the association’s
annual report that
the build-up of the CWI debt
made the regional organization
unable to adequately reimburse
the association for hosting
regional competitions, Tests
and One-Day Internationals.
“In an effort to curb the
further escalation of this debt,
we did not accept offers to host
the Regional Under-19 Tournament,
the Senior Women’s
tournament, as well as Zone
‘A’ of the Regional Super 50
Tournament during the period
under review,” he said.
Riley pointed out, however,
that the beleaguered CWI did
attempt to raise money outside
of fees and hosting international
tournaments.
“Attempts to raise funds
through floating of a bond
issue on the Jamaican money
market by CWI were unsuccessful,
as the issue was not
subscribed, while the media
rights receipts and International
Cricket Council (ICC)
dividends were insufficient to
cover CWI payables during the
year,” he stated.
“The debt owed by CWI
remains worrisome to the BCA,
but we will be relentless in our
pursuits to retrieve the outstanding
amounts in the near
future,” he added.
According to Treasurer Jason
King “CWI continues to suffer
from declining revenues and
cash flows, which are direct
results of unrealistic expectations
in a difficult financial
environment.”
“I have insisted for a few
years that we operate almost
on a cash basis with CWI with
respect to hosting of tournaments
and international series
to minimize our exposure. We
cannot afford for this association
to incur additional debt
on behalf of an entity, which is
now finding it almost impossible
to repay us.”
While its major paymaster
continues to be delinquent with
no end in sight, BCA like the
rest of the world, was struck by
the crippling of businesses and
tightening of finances brought
on by COVID-19.
King stated that in response
to being squeezed from both
sides the BCA is applying, “strict
budgeting and adherence to
expenditure procedures” in his
report to members on the consolidated
financial statements. BCA President Conde Riley. Photo by George Alleyne
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