CWI lost US$13 million in 2020

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Cricket West Indies (CWI) lost US $13 million according to audited financial for last year, prompting auditors KPMG to “cast significant doubt on the company’s ability to continue as a going concern.”

However, CWI said it plans to aggressively continue rolling back its financial practices, in ambitious bid to realize profits by 2023 and place the organization on a strong financial footing.

CWI Chief Executive Officer, Johnny Grave said it was critical the board remained prudent in managing costs by adhering to initiatives already in place.

He said CWI had already managed to reduce borrowing and while the Covid-19 pandemic continued to present unprecedented financial challenges, it was hoped within the next two and a half years the organization could be in a sustainable position.

With the Caribbean hosting just a single tour last year due to the Covid-19 pandemic, CWI saw revenues slashed by nearly a third from the previous year to US$23.5 million

Since the start of the year, however, CWI has rolled out several major broadcast deals and is banking on the resumption of international cricket and tours by major Test nations such as England and India, to boost its revenue, Grave said.

England is scheduled to tour the Caribbean next January for five Twenty 20 Internationals before returning in March for three Tests.