ST. JOHN'S, Antigua, CMC:IT LOOKS like the serious financial woes that had enveloped West Indies cricket over the last few years may be dissipating.
In discussing and approving the budget for the financial year beginning October 1 at their meeting over the weekend, the directors of the West Indies Cricket Board noted with satisfaction that for the last financial year a profit of US$2.8 million is the forecast.
"(This) exceeds the budgeted figure of US$2 million," remarked Leonard Robertson, corporate communications manager of the WICB, in a news release.
"This difference was due primarily to ticket sales surpassing expectations. The final figure would be an improvement on the previous year when the Board recorded a profit of US $1.25 million.
REVENUE STREAMS
"This reflected the positive impact of the revenue streams, particularly television rights fees from England's tour of the Caribbean."
After enduring an unstable period prior to the last two financial years when it was forced to borrow money to meet its obligations, the WICB is beginning to see a transformation in its books.
This period of growth is expected to slow down though. The WICB is expecting a deficit in the New Year due to lower revenues projected from the 2005 home series involving South Africa and Pakistan.
"The Board emphasised the need for innovative actions to improve the earning potential of the company and, in that regard, the Marketing Committee has been mandated to exploit opportunities in non-traditional areas," Robertson said.
DRAFT PRESENTED
Meanwhile the WICB's Draft Strategic Plan for the period 2004-5 to 2006-7 was presented and further discussion will take place on the ideas and issues put forward.
Some of the primary areas on which discussion will focus include: finance, the domestic game, international cricket, facilities, commercial opportunities, leadership, management and governance.
The WICB directors also received a report from Constitution Review Committee, but it has
been referred to the Executive Committee for further consideration and advice.
Members were asked to make additional comments to the Executive Committee and the final proposals will come back to the directors at a subsequent meeting.
