Cricket South Africa (Photo by Sydney Seshibedi/Gallo Images)
- Cricket South Africa recorded an R221-million loss for the 2020/21 financial year.
- This was announced at their annual general meeting that took place at the Irene Country Club in Pretoria on Saturday.
- Finance committee chairperson Mark Rayner said the Covid-19 pandemic affected revenues, but they were able to cut down on expenditure.
Cricket South Africa recorded a R221 million loss for the 2022/21 financial year, it was announced at their annual general meeting (AGM) in Tshwane on Saturday.
CSA’s finance committee chairperson Mark Rayner said their revenue dropped from R1 billion to R512 million, but they were also able to minimise expenditure.
CSA was also robbed of a money-spinning T20 tour by India last year because of Covid-19.
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The England men’s cricket team withdrawing from their ODI leg of last year’s tour to SA and Australia’s dubious cancellation of their three-match Test series this year set CSA back financially.
The said tours have yet to be rescheduled, but Rayner, a former Multichoice South Africa chief executive officer, said they were also aided by a swing in the exchange rate.
“The organisation reacted swiftly in reducing its expenditure, with the expenses dropping from R1.2 billion to around R700 million in response to the loss in revenue to mitigate the losses as swiftly as possible,” Rayner said.
“The swing in the foreign exchange rate as the weaker rand helped us to an R89 million foreign exchange profit.
“We’ve seen a decrease in revenue, but a corresponding decrease in expenditure. However, the Covid-19 impact was significant.
“Broadcast and sponsorship income took a knock because of the lack of cricket being played, but we’re pleased with how the organisation has been able to react and mitigate these losses.”
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