CWI was “broke” before COVID-19 - source

CWI was “broke” before COVID-19 – source

May 16, 2020 Sports

President of Cricket West Indies (CWI) Ricky Skerritt said “CWI finances are in the ICU stage because of COVID-19,” however; Kaieteur Sport was reliably informed that the board was in a state of bankruptcy prior to the Covid-19 outbreak.

Ricky Skerritt

Mr. Johnny Grave, CEO of Cricket West Indies had admitted that the tours affected, i.e. South Africa and Sri Lanka, were likely to cost millions to host and would have brought in little revenue in terms of gate receipts and broadcast rights.
COVID-19 caused CWI to abandon the regional four-day tournament after the 8th round and the board is yet to settle players’ fees and other related expenses.
Kaieteur Sport was reliably informed that at the time of abandoning this tournament, CWI had no money and COVID-19 may have saved them financial embarrassment.
It is understood that the cancellation of the regional under 15, 17 and maybe U19 boys’ tournaments and a possibility of no more regional age groups and women cricket for the remainder of the 2020 season certainly saved CWI about USD$5M. It has been circulating in the cricket circles that a Financial Impact Assessment was done by CWI and COVID -19 may have created a positive impact of USD$8M in savings.
Despite these savings the CWI President thinks that its financials need ICU treatment. Kaieteur Sport was told that the initial action of President Skerritt upon taking office may have created the financial shock the CWI is now facing.
While CWI was always going to have a bad year, instant repayment of a USD$10M facility to SAGICOR Bank created serious cash flow issues for the organisation. Many believe that a negotiated position on this unsecured loan facility may have given CWI some breathing space. Instead the Skerritt led management was forced to borrow a further USD$15M from four different institutions at less favourable rates.
Kaieteur Sport was informed that all these monies were spent without a budget presented to the Board of Directors for the Period March 2019 to March 2020. And in fact, a visit to CWI website would show financial statements for four years preceding 2019. It is important to note that all statements were posted on the site for the period of Dave Cameron’s time in office.
It is imperative that the members of CWI (the Territorial Boards) take a keen look at the spending in Antigua as collectively they are owed in excess of USD$5M which the Skeritt administration is proposing to borrow against the Coolidge Cricket Ground (Stanford Ground) to do capital works while the territories suffer.
The CWI member territories should solicit answers from the CWI management on its money status.

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