CL Financial offer US $20m rescue plan

CL FINANCIAL, the Trinidad and Tobago-based conglomerate whose portfolio includes insurance companies and methanol plants are ready to invest over US$20m in West Indies cricket. Joining them in a plan titled “Recovery Plan for West Indies Cricket” are their associated companies CLICO and Angostura. On Thursday, it was revealed that CL Financial had  written to the West Indies Cricket Board offering to resolve a sponsorship dispute that has ruled out five top players from upcoming series with South Africa and Pakistan. “We have offered to buy out the contracts of Cable and Wireless contracted players and also to buy out Digicel’s contract,” said CL’s executive director Andre Monteil. The letter sent from Monteil was sent to WICB’s Chief Executive Officer Roger Braithwaite.

“CL Financial is interested in resolving the dispute in the interest of West Indies cricket,” Monteil said. “The game is too important to the region.” CL’s proposal has also been sent to WICB chairman Teddy Griffith who is currently attending an International Cricket Council meeting in India. Yesterday, Angostura’s Marketing Director Gabriel Faria elaborated on the latest development. “Cricket is the original Caribbean passion,” he said, “and as the Caribbean’s premier business entity, we stand ready to play our part in binging stability and pride back to the team and West Indies cricket as a whole,” Faria said in a media statement. The main plank of the sponsorship offer will be off-season ccupation for all members of the West Indies team, which Faria stated will result in full-time year-round professional employment.

Speaking for his group, Faria said: “The time has clearly come for the West Indies team to consist of full-time professional cricketers who can make a viable livelihood from cricket, while concentrating on their own and the team’s development.” “Angostura’s endorsement contract with Brian Lara and CLICO’s sponsorship of  the Under-15 regional cricket championships position us at both ends of the game’s spectrum — the beginners and the world class achievers,” he said. “Recent developments with the team suggested to us that a holistic approach to support was needed — and needed immediately,” said Faria. The top Angostura official said robust energy sector earnings have made it possible for CL Financial to make their contribution to the region while building a positive association for their key brands to be linked with the innate talent of the Caribbean cricketers.

“Such a sponsorship fits in easily with our current marketing thrusts into the leading cricket centres such as England, India, Sri Lanka, South Africa, Australia and Hong Kong,” Faria stated. The CL Financial group and their subsidiaries and associated companies will “construct the details of the contract pending the agreement of the WICB, the cricketers and all relevant parties,” the statement ended. Also yesterday the WICB announced that six players who have personal endorsement contracts with Cable and Wireless were deemed ineligible to be considered for selection on the West Indies team.

Their attorneys who examined the C&W contracts have only cleared Brian Lara who was sent an invitation letter to join the team and on his response, the full squad for the First Test in Guyana at the end of the month is expected to be named today. The other players who won’t be selected are: Ramnaresh Sarwan, Chris Gayle, Fidel Edwards, Wavell Hinds, Dwayne Bravo and Ravi Rampaul. The dispute first erupted before January’s tour of  Australia, when the WICB refused to take any players who had personal endorsement deals with rivals of the board’s main sponsors. The dispute was temporarily resolved when both sides agreed to binding arbitration. The South Africa visit is the first home series under Digicel’s five-year, US$20 million contract.