WICB turns profit

For the first time, the West Indies Cricket Board (WICB) has published an annual report and it makes pretty good reading, financially speaking.

The board recorded a net surplus of US$1.8 million for the financial year ended September 30, 1998, overturning a 1997 deficit of US$1.1 million.

This was mainly due to a surplus of US$4.7 million from tours and tournaments, according to the report, approved by auditors in a note dated March 21, 1999.

President Patrick Rousseau said the board intended to publish a report annually, providing financial information from its audited accounts and a review of its performance.

The annual report is a major instrument for letting all the parties who support the wonderful game of West Indies cricket know what has taken place in the operations of the board, he said.

The tournaround in the boards finances was seen in the revenue from tours and tournaments, which was put at US$13.2 million, up from US$9.6 million in 1997.

Expenses rose less sharply, moving from almost US$7.9 million to US$8.5 million. That made a surplus on tours of US$4.7 million, up from US$1.7 million.

This was clearly the result of the England tour of the Caribbean in 1997.

The surplus position enabled the board to advance US$300 000 to its member boards who received not a cent in 1997 because of the deficit.

Under its constitution, ratified in 1994, the board agreed that provided the accumulated surplus was at least US$750 000, it would distribute a minimum of 50 per cent of its profit to its member territories after making allowances for a minimum 10 per cent retention and an allocation to its development fund.

The board also made contributions to territorial boards to assist in cricket development programmes and was able to repay a short-term loan of US$400 000 within the year.

Listed under the heading loan receivable was a US$200 000 unsecured, non-interest bearing loan by the Barbados Cricket Association, repayable by last September 30.

Mentioned under contingency liability was a law suit brought by former West Indies opener Desmond Haynes, claiming US$110 000 in damages, according to the report