England & Wales Cricket Board – ECB Executives Bumper Bonuses: England and Wales Cricket Board (ECB) on numerous ocassions have publically admitted that they are badly jolted by Covid-19. Such has been the scenario that ECB has done 62 job cuts in the name of Covid-19, have reduced salaries for their national cricketers. On the contrary, they have given bumper bonuses to their SENIOR EXECUTIVES.
ECB CEO Tom Harrison is among a group of executives who are set to share a projected 2.1 million pound bonus after cutting 62 jobs last year due to the financial loss caused by the COVID-19 pandemic.
ECB Executives Bumper Bonuses: Despite 62 job cuts, fall in revenues, ECB’s senior executives set to recieve bumper bonuses
ECB chair Ian Watmore said the executives are being rewarded for their good work amid the COVID-19 pandemic.
“The most recent ECB accounts show that a five-year Long-Term Incentive Plan is due to be settled in cash in 2022, with the Guardian having learned that Harrison, the board’s chief executive who was paid 512,000 pound last year despite a voluntary pay cut, and Sanjay Patel, managing director of the Hundred, are among its intended recipients,” read a report in the Guardian.
The latest ECB accounts reveal that a five-year Long-Term Incentive Plan (LTIP) will be settled in 2022.
“The ECB’s LTIPs were created to take us through the negotiations of the last media rights cycle, the implementation of the Inspiring Generations strategy and the first two years of its delivery.
“The performance of the ECB’s leadership across the pandemic has been exceptional and they were among the first to commit to significant voluntary pay and incentive cuts in 2020. The LTIPs began in 2017 and will mature in January 2022. The board is considering what, if anything, will replace them from 2022 onwards,” said Watmore.
Last year, it was widely reported that players too agreed to a 15 per cent paycut to offset the losses caused by the pandemic.
England & Wales Cricket Board – ECB Executives Bumper Bonuses: The paper reported that ECB suffered a 16.5 million pound loss in 2020-21 with its reserves dropping to two million pound from a high of 73 million pound in 2016.