Hardbeatnews, ST. JOHN’S, Antigua, Thurs. Aug. 25, 2005: A whopping $7.4 million in expenditures, in only the first year of the operation of ICC CWC WI 2007 (Windies World Cup 2007), has resulted in a net loss to the entire group of US$3.4 million.
That’s according to the audited statements, which were presented to the members of the West Indies Cricket Board at the annual general meeting on August 7. ICC CWC West Indies 2007 Inc., was set up to manage the staging of the Cricket World Cup in the Caribbean. It’s part of the WICB group.
Major expenditure items for ICC Windies World Cup, according to the WICB statement, included finance and event insurance costs of $3.7 million, legal fees of $1.1 million and professional fees of $1.2 million.
The Board is forecasting a total loss of $7.0 million for the year ended September 30, against the backdrop of a weak Home Series involving South Africa and Pakistan with less than budgeted ticket sales.
Television revenues achieved its projected levels but were lower than in 2003/04 because of the relative size of the primary TV markets for the Home Series (South Africa and Pakistan) as against England in 2003/04, a Board statement added. – Hardbeatnews.com