Cricket South Africa reports fiscal loss, banks on Indian visit for recovery
India will tour South Africa in January 2018 to play four Tests, five ODIs and three T20Is.Updated: Sep 03, 2017 13:31 IST
Cricket South Africa (CSA) has announced an anticipated loss of Rand 159 million for the current year, but is banking on the upcoming home series against India and Australia to boost its coffers again.
CSA reported the expected loss when it tabled its financial statements at its AGM in Cape Town yesterday, but added that the authority’s finances were still strong.
“In commenting on the financial statements, I would like to stress that CSA remains in a very healthy financial position. We have a very strong balance sheet and a favourable cash position. Our income balance after taking into account the loss for the year is R655-million,” CSA President Chris Nenzani said.
“As is well known our budgetary forecasts are based on a four-year rolling plan as the vast majority of our income comes from television revenue generated from incoming tours. As a result, we anticipate a very strong financial year in 2018 as a result of the incoming tours from India and Australia,” Nenzani added.
CSA said there had been investments in major capital projects to grow the sport in South Africa.
It was also in the process of building its own headquarters which Nenzani said would be a significant money- saving project in the long term.