Cricket Australia in financial mess; secures $50mn loan, furloughs 200

Cricket Australia feared running out of funds by August. The sport’s governing body Down Under has reportedly taken a loan of Australian dollar 50 million and send off 200 staff members on a 20% salary till June to salvage the situation.

The CA might further plunge into a deeper financial trouble if India’s scheduled tour of Australia later this year was forced to be cancelled due to the novel Coronavirus pandemic.

A Sydney Morning Herald report has confirmed that that Cricket Australia has secured a loan of A$ 50 million. This is said to be the first payment of a bigger A$ 200 million loan the CA has sought to protect itself from the financial consequences if the home series against India were cancelled.

The CA also reportedly stands to save up to A$ 3 mn by sending off the 200 staff for two months on a mere 20% salary. Chief executive Kevin Roberts will still cost the cricket governing body A$ 1.2 mn despite taking a 20% salary cut.

CA is also considering to slash the State associations’ funding by 25%.

It is feared that the COVID-19 enforced lockdown and threat of the cancellation of India’s tour in December-January are going to cost Cricket Australia A$300 mn.

Australia is also scheduled to host the ICC T20 Men’s World Cup later this year.

Admin Sportz Front

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