Cricket South Africa (CSA) has announced that it expects an anticipated loss of R159-million for the financial year 2016-17.
During its annual general meeting on Saturday, CSA president Chris Nenzani, however, stressed that the board remains in a healthy financial position and is expected to recover income with two high-profile home series over the summer.
"In commenting on the financial statements I would like to stress that CSA remains in a very healthy financial position," commented Nenzani. "We have a very strong balance sheet and a favourable cash position. Our income balance after taking into account the loss for the year is R655-million."
"We have invested in major capital projects to grow the game of cricket and we are also in the process of building our own headquarters which will be a significant money-saving project in the long term.
The CSA president was, however, confident of money flowing in with tours of Australia and India scheduled for the home season. Australia will travel to South Africa in March for a four-Test series, after India's visit.
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"As is well known our budgetary forecasts are based on a four-year rolling plan as the vast majority of our income comes from television revenue generated from incoming tours. As a result we anticipate a very strong financial year in 2018 as a result of the incoming tours from India and Australia," he concluded.
In his wide-ranging presidential address, Nenzani highlighted some significant events of the past year.
This included the introduction and successful implementation of transformation targets for all the national sides; the achievements of the Standard Bank Proteas in rising to No. 1 in ODI cricket and No. 2 in Test cricket; the best ever performance of the Momentum Proteas in reaching the semi-final of the ICC Women's World Cup; the successful launch of the T20 Global League; and the upgrading of the internationally accredited grounds to the best world-class standards.
The AGM also unanimously approved former president Ray Mali as an honorary life member of CSA.
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