The West Indies Cricket Board (WICB) has less than a week to tell the Board of Control for Cricket in India (BCCI) how it plans to pay US$42 million in compensation for the recent aborted tour.
The stark reality, based on an analysis of financial statements, is that the WICB does not appear to be in a position to meet the Indians’ demands.
At the end of its financial year ended September 30, 2013, the WICB had assets of US$15 million – half of what the figure stood at two years earlier – and a shareholders’ deficiency of more than US$5 million. Additionally, accumulated losses of US$20 million over a two-year period prompted its auditors KPMG (Antigua and Barbuda) to raise concerns over the board’s ability to remain in business in a note to shareholders eight months ago.
Our check of the WICB’s financial statements dating back to 2007 found that its current assets over the past two years were lower than at anytime during the previous seven years (see accompanying charts).
To analyse the WICB’s financial position and its possible options in the face to the demands from the BCCI, the SUNDAY SUN turned to two chartered accountants, Orson Simpson and Andrew Brathwaite.
Simpson, a former treasurer of the Barbados Cricket Association (BCA), painted a dim picture.
Please read the full story in today’s Sunday Sun, or in the the eNATION edition.
