The organisation is pleased with how it has reduced expenditure as revenue plummets from R1bn to R512m
‘Like all the other organisations in the world we have been unable to escape the effects of Covid-19’Though Cricket SA’s revenue has plummeted from R1bn to R512m, the organisation is pleased with how it has managed to reduce expenditure.
“To summarise the Covid-19 impact‚ the impact in income was significant. You can imagine our broadcast and sponsorship income took a knock with a lack of cricket being played. But we are pleased with the way the organisation has been able to react and mitigate the impact and bring the expenses down. Cricket SA’s financial model works on a four-year cycle in which money is made off tours such as to or from India‚ Australia and England. It sometimes runs at a loss when other teams visit SA.
There still is cash in the balance sheet of R121m and‚ importantly‚ investments that will mature in the short term. So we are very close to cash of a further R363m.” “We are single-minded in our resolve to ensure the trust that has been invested in us is to turn around the fortunes of Cricket SA [is justified]‚” said Naidoo. “We came into an organisation that requires an overhaul and to achieve this we have had to systematically identify and dissect the weaknesses while simultaneously attending to a number of urgent matters.”
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