CWI money woes have knock-on effect – Carib Vibe Radio

CWI money woes have knock-on effect

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.

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