The Hindu : Sport / Cricket : Bankrupt WICB looks to the World Cup for revival

Online edition of India's National Newspaper
Saturday, Jul 22, 2006

Sport

Sport - Cricket

Bankrupt WICB looks to the World Cup for revival

Bridgetown (BARBADOS): The West Indies Cricket Board (WICB), declared bankrupt by the auditors, is now desperately looking forward to next year's World Cup to fill the empty coffers and revive its fortunes.

A Trinidad and Tobago Express report cited CMC Sports and claimed that the WICB had gone bankrupt and next year's showpiece is the only short-term solution which can bail the board out of the financial morass.

The daily said the WICB auditors, an internationally-recognised firm of chartered accountants, in their independent auditors' report to the shareholders of the WICB Inc., have pointed out that the board and its World Cup subsidiary had incurred a net loss of $19,513,410 during the year that ended September 30, 2005.

``Till that date, it had an accumulated deficit of $34,920,819 and the group's current liability exceeded its current assets,'' the report said.

The auditors felt WICB's long-term viability would almost solely depend on the successful hosting of next year's World Cup.

``The extent of the financial success of this event is not guaranteed. The group's continued existence is dependent upon the net cash inflow which is expected from hosting the ICC Cricket World Cup 2007, '' the report concluded. — UNI

Printer friendly page
Send this article to Friends by E-Mail

Sport