CSA expect loss of R 159 million for 2016-17
Cricket South Africa has announced an anticipated loss of around Rand 159 million for the 2016-17 financial year, during its annual general meeting on Saturday, but president Chris Nenzani stressed that the board remains in a healthy financial position and is expected to recover income with two high-profile home series over the summer.
CSA stated that the decrease – their actual revenue of R 696 million for 2016-17 is considerably less than the R 851 million from the previous financial year – was expected due to “less commercially productive inbound tours”.
Nenzani, however, was confident of money flowing in with tours of Australia and India scheduled for the home season. Australia will travel to South Africa in March for a four-Test series, after India’s visit. However, the fixtures and dates for the India tour are yet to be determined.
“In commenting on the financial statements I would like to stress that CSA remains in a very healthy financial position,” Nenzani said. “We have a very strong balance sheet and a favourable cash position. Our income balance after taking into account the loss for the year is R655 million.
“We have invested in major capital projects to grow the game of cricket and we are also in the process of building our own headquarters which will be a significant money-saving project in the long term.
“As is well known our budgetary forecasts are based on a four-year rolling plan as the vast majority of our income comes from television revenue generated from incoming tours. As a result we anticipate a very strong financial year in 2018 as a result of the incoming tours from India and Australia.”
CSA is also set to receive a cash injection of R 1 million from the government, for its Hubs and Regional Performance Center programmes, in addition to the funds it receives from the Department of Sport and Recreation.
ESPN Sports Media Ltd.