Cricket West Indies (CWI) has declared that US$3M loan given to them by England & Wales Cricket Board (ECB) has been cleared. In the month of May, ECB handed loan to CWIto help settle players’ outstanding salaries and other contingencies. It was alleged at that time, that the loan was given in lieu of CWI agreeing to tour England for the test series amid Covid19 risks.
But now the Chief Executive Officer (CEO) of CWI Johnny Grave in an interview with Guardian Media Sports has declared that they have cleared the liability as soon as ICC released their annual revenue shares.
According to Grave: “We have received our US$7M from the International Cricket Council (ICC) as our normal revenue share which each board member gets and the ECB has been paid off.”
The loan from the ECB came at a time that caused controversy for CWI and president Ricky Skerritt. The board was accused of agreeing to tour England during the COVID-19 pandemic because of the loan given to them by ECB. Some went further to suggest that the loan was given to CWI in return for support to Colin Graves the ECB chairman who is vying to become the chairman of the ICC.
Skerritt has also denied that the loan ensured CWI’s backing for Colin Graves. He mentioned that the loan was a helping hand given to CWI because of their financial situation that was made from bad to worst because of the COVID-19 situation.
According to CWI went to England because after they knocked at the ICC door for the early disbursal of the next instalment of members’ revenue shares, it was not possible. The administrative process at ICC’S end was taking the time and that is when ECB chipped in and agreed to provide an interest-free loan to CWI.
Cricket Business : ICC payments ’temporary relief’ to CWI, finances still in mess without a broadcast deal
Meanwhile the ICC payments just bring in temporary relief to CWI finances. Overall the financial issues still stays the same. CWI still does not have a broadcast deal in place even after 8 months of being in the market. The worst part is that with Indian market not responding too well to any new acquisitions, the struggle for CWI to find a decent deal with stay intact.
Under this financial stress, how long CWI can hold the fort – only time will tell.
Cricket Business : ICC starts clearing revenue shares to members, how much each board gets ?
After the postponement of the T20 World Cup, ICC has started paying the member boards their annual revenue shares. The West Indian board has got their annual share of USD 7Mn and others are being paid gradually. According to ICC’S understanding with the member boards, check out how much each member board gets from ICC ?
– The Board of Control for Cricket in India (BCCI) gets the maximum amounts from ICC. For a complete broadcast cycle of 2015-2023, BCCI’s shares stands at $405 million as per the ICC’s revenue sharing model. Originally, the ICC had agreed to give $293 million but, after hectic negotiations, the ex chairman Shashank Manohar agreed to increase it by $100 million. Finally, it was decided that $112 million more will be given to BCCI from the previously agreed amount. BCCI primarily is getting 22.8% of total revenue shares.
– England Cricket Board stands next in the list. During the cycle England is getting $139 million. 7.8% of total revenue
– Australia, Pakistan, West Indies, New Zealand, Sri Lanka and Bangladesh are getting $128 million each. 7.2% of total revenue.
– Zimbabwe will get $94 million. 5.3% of total revenues.
The revenue sharing model has been a bone of contention for BCCI as the world’s most influential cricket board had demanded $570 million, which was unacceptable to Manohar, himself a two-time former Board president.
– While more than 86% is given to full members, the remaining is shared between the ICC’s Associate Members.