Finances in a healthy state – CSA

2013-10-12 13:26

Cricket SA’s (CSA) finances are in a healthy state approaching the end of its four-year cycle, chief financial officer Naasei Appiah has said.

“As we approach the last quarter of our cycle, we are confident we have the reserves on hand to see us through to the end of 2013/14,” Appiah told reporters at a financial briefing prior to CSA’s annual general meeting in Johannesburg today.

Explaining the revenue streams and expenses, Appiah said the forecast had been based on the Future Tours Programme (FTP), which included a full end-of-year tour by India.

A final decision on the tour itinerary, which India claimed the CSA had prematurely announced, would be known after a meeting between CSA president Chris Nenzani and the Board of Control for Cricket in India. This meeting was also taking place today.

The main revenue streams for CSA included broadcasting rights, sponsorships, profits from the Champions League Trophy and International Cricket Council (ICC) distributions.

Appiah said tours against India and England were the most lucrative and, as two out of the four years in the cycle were expected to produce higher revenue, this would balance out the two leaner years.

“While our revenue stream fluctuates, our expenses remain steady, taking inflation into account.

“The best years include the ICC World Cup, every four years, and tours against India, so we had a bumper year in 2010/11. Our worst years are when no major events are held and we play against one of the weaker sides,” he said.

Having restored confidence in CSA’s corporate governance, sponsorships remained healthy and commercial partners continued to show interest.

CSA’s chief executive Haroon Lorgat said: “I take a lot of comfort from the way our sponsors have come on board and that we have the right structures in place now to give them confidence in CSA.

“The impression I get is that they are very comfortable with the relationship they have with the board and some of them are looking to get further involved.”

One of the remaining concerns for CSA was the financial situation at the individual affiliates and franchises countrywide, many of which were running at a loss.

CSA would be looking at every penny spent and analyse and review its processes.

Lorgat said he was confident the provinces would co-operate, had “seriously skilled” personnel in place and had started to introduce better controls.

CSA’s audit and risk committee chairman Louis von Zeuner said: “Our first nine months were spent concentrating on CSA’s financial affairs and now we have an extensive programme going into the provinces.

“We’re looking into their governance levels and to drive the same message into all the structures and they have shown a willingness and receptiveness to our ideas.

“We have just completed phase one, which was fact-finding and getting all the numbers together. We are now comparing the expenditures across the country and will take the next step of introducing better structures across the board,” he said.

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