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Homechevron_rightSportschevron_rightCA’s financial crisis...

CA’s financial crisis complicated: Speed

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CA’s financial crisis complicated: Speed
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Melbourne:  Former ICC chief executive Malcolm Speed feels Cricket Australia’s financial matters are quite complicated and current CEO Kevin Roberts has failed to offer a certain degree of clarity required in these troubled times.

Under financial stress, CA has already put 80 % of its staff on 20 % salary till end of June, while a handful of others, including the executives, remained on 80 % pay.

The decision saved AUD 3 million, which was slammed by critics due to the fact that CA had some AUD 90 million in reserves at the end of March (2020), including AUD 36 million in stock investments.

Speed, also a former CA top boss, pointed out how CA had invested AUD 22 million in 2012, which increased to around AUD 45 million earlier this year before slipping to AUD 36 million due to the coronavirus shock.

 “I think that’s been messy,” Speed told SEN Radio.

“I saw an article saying cricket has lost millions of dollars on the stock market. Well, before it lost millions on the stock market it made millions of dollars on the stock market and its lost part of its profits, but it hasn’t lost anything yet because it hasn’t sold. That was an issue.”

 

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