WICB post profit after years in red

ST JOHN’S: After successive losses in the last three years totalling US$16 million, the West Indies Cricket Board is seeing black. The 2002-03 financial year ended September 2003 marked a return to profitability for the WICB with a profit of US$1.256 million being reported. The 2002-03 profit was based on revenues of US $22.34 million, an increase of 37 percent over the previous year, across a range of activities, including US $7.5 million received from the ICC in respect of the 2003 Cricket World Cup in South Africa.

Total expenditure in 2002-03 was US$21,085,811 compared with $21,069,625 in 2001-02. Indirect expenses were US$0.9 million (22 percent) higher than the prior year principally as a result of an increase in marketing expenses due to increases in ground rentals, as well as increased television airtime to accommodate new levels of sponsorship. During 2002-03, increased expenditure was also incurred on the purchase of surveillance equipment and the provision of increased security for match officials, as well as players for the home international series.

Increased resources were also allocated to cricket development and technology, as well as to supporting the West Indies Women’s Cricket Federation, as it pursued qualification for the International Women’s Cricket Council World Cup to be held in South Africa next year. During the financial year in review, the WICB incurred new expenditure of US$1 million in relation to its newly formed subsidiary company, ICC Cricket World Cup West Indies 2007 Inc, which was established to manage the preparations for the Cricket World Cup to be held in the West Indies in 2007.