CSA anticipates R159-million loss for financial year 16-17

ANI | Updated: Sep 03, 2017 12:23 IST

<p>Johannesburg [South Africa], September 3 (<a href="/search?query=ANI">ANI</a>): <a href="/search?query=Cricket South Africa">Cricket South Africa</a> (<a href="/search?query=CSA">CSA</a>) has announced that it expects an anticipated loss of R159-million for the financial year 2016-17.</p><p>During its annual general meeting on Saturday, <a href="/search?query=CSA">CSA</a> president <a href="/search?query=Chris Nenzani">Chris Nenzani</a>, 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.</p><p>"In commenting on the financial statements I would like to stress that <a href="/search?query=CSA">CSA</a> 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."</p><p>"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.</p><p>The <a href="/search?query=CSA">CSA</a> 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.</p><p>"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.</p><p>In his wide-ranging presidential address, Nenzani highlighted some significant events of the past year.</p><p>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.</p><p>The AGM also unanimously approved former president Ray Mali as an honorary life member of <a href="/search?query=CSA">CSA</a>. (<a href="/search?query=ANI">ANI</a>)</p>