Though the amount is significant, it is just over half the US$25 million the organisation was forecast to lose if the event had gone ahead
Firdose Moonda21-Dec-2017Cricket South Africa has recorded losses of approximately R180 million (US$14.16 million approx) over the posptoned T20 Global League (GLT20), ESPNcricinfo has learned. Though the amount is significant, it is just over half the US$25 million the organisation was forecast to lose if the event had gone ahead.A little less than half the losses (around R80 million, or US$6.3 million approx) will be spent in player payouts, which will take place in three installments to reimburse players 60% of their contract fees for the tournament. But CSA has reserves of over R500 million (US$39.34 million approx), which resulted in the body declaring itself in a “healthy financial position” at a Special Board of Directors Meeting on Wednesday, despite the heavy losses.The meeting was held at the conclusion of an internal investigation, which looked into the reasons the T20 Global League was financially unviable and found that while there were “pervasive governance lapses” around the tournament, “all monies were adequately accounted for” and there were “no irregularities or financial mismanagement”.CSA will now send the reports to external auditors, who have already started work and will take between eight and 12 months to complete their task, to determine a further course of action. Though no other internal investigation is planned, that could change depending on the outcome of the external audit.More immediately, CSA will decide by mid-February if or how it plans to host a revamped T20 Global League. Currently, several members of management have been assigned to look into T20 models around the world to present to the board options for how a twenty-over tournament can be successfully held. If the board approves a model, CSA aims to have a broadcaster and sponsorship deal in place by the end of the South African summer in order to ensure a smooth run to a tournament next November.That may mean an entirely new concept, which may not involve any of the stakeholders that were set to be part of the original T20 Global League. Sources have confirmed that none of the eight franchise owners put pen to paper to sign deals for the inaugural competition and though CSA believes some of them are keen to continue, there is no confirmation any of them will.CSA has also made no further progress in appointing a permanent CEO and discussions with the former boss, Haroon Lorgat, have yet to conclude. Lorgat’s tenure ended two years earlier than his contract stipulated after his position became untenable because of differences with members of the board over the hosting of the T20 Global League, and he is negotiating a payout.