CSA anticipating a loss of R 159 million for the 2016-17 season

Cricket South Africa (CSA) came up with a demoralizing news which stated that the board has suffered a loss of around Rand 159 million for the 2016-17 financial year. The news was announced during the board’s Annual General Meeting on Saturday. However, President Chris Nenzani made it clear that the Board stands at a strong financial position and it looks forward to making up for the loss, from the hefty income during the two home series that are lined up over the summer.

The annual income of the 2016-2017 financial year stands at R 696 million which is significantly less than that of the previous year’s which was R 851 million. According to the board, the reason behind the same did not come as a surprise due to the “less commercially productive inbound tours”.

Chris Nenzani believes that the board will earn in large amounts again during the Australia and India series which are scheduled for the summer.

Nenzani’s statements:

“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.” he said.

“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.” Nenzani added.

“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.” said the President.

“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.” he concluded.