Windies announce huge loss of US$7.5m
Guyana Chronicle
May 28, 2002

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THE West Indies Cricket Board (WICB) has suffered a loss of US$7.5m (5.15m) for the financial year ending in September 2001.

Board president Reverend Wes Hall has attributed the loss to proceedings with development plans despite decreased revenues.

The WICB has lost $15m over the past three years but officials have projected a break-even budgetary estimate for the 12-month period, which ends in September 2002.

"The loss experienced over the last two or three years are of grave concern to me and to this board," Hall told the board's annual general meeting.

"The main reason for the loss last year was to maintain financing to the development component of the strategic plan, including the expansion of the Red Stripe Bowl and Busta Cup.

"Key factors contributing to decreased revenues were commitments to the ICC's ten-year tour plan and unfavourable fee structure, losses from home tournaments, television production cost of the South Africa series that could not be offset by the sale of rights and losses on investments in the stock markets.

He said the board had obtained a bank loan in order to finance the medium-term cash flow and that strengthening the finances of the board was a priority matter.

"Since July 2001, when I took office, I have placed a high priority on setting West Indies cricket and by extension the organisation on a firm financial footing. "The Board is committed to reversing this trend of losses.

The WICB has appointed a new chief financial officer and administrative changes have been made to ensure a coordinated strategy. (Extracted from BBC Sport)