Cricket South Africa declare R200-million loss
Cricket South Africa (CSA) declared a loss of R200m for the 2018 to 2019 financial year at their Annual General Meeting that took place at OR Tambo International Airport on Saturday.
The organisation‚ which works on a four-year cycle where money is made off tours like India‚ Australia and England‚ and lost when the other nations visit South Africa‚ declared revenue of R929m against expenses of R1.2-billion.
South Africa hosted Pakistan and Sri Lanka in the 2018-19 summer‚ while last year‚ India and Australia were the tourists.
CSA generated R350m in the 2017-18 financial year as compared to the R159m loss in the previous financial year.
CSA’s cash reserves‚ amounting to R850m‚ means the organisation is still on relatively healthy financial footing.
CSA’s president Chris Nenzani will also serve an extra year as the organisation’s president‚ meaning he’ll only step down at next year’s annual general meeting (AGM).
TimesLIVE was made aware that Nenzani serves on two critical International Cricket Council (ICC) committees and the move to extend his leadership by a year was unanimously agreed upon by the board and the members council.
Nenzani said he serves on the board on the behest of the members and doesn’t chase any positions.
“If members come calling‚ I’ll do so and I’ve never campaigned for leadership," said Nenzani.
"I don’t intend to do so‚ but the reason given to me was to stabilise and calm the situation in the organisation because it’s going through a lot of changes that require stability.
"Because I’m a servant of the game‚ I said I’ll do that and that’s been my attitude‚” Nenzani said.
In terms of board replacements‚ Northerns Cricket president Teboho Sello replaced former Border Cricket Board president Thando Ganda as a non-independent director‚ while Marius Schoeman replaced Louis von Zeuner as an independent board director.