London: Cricket West Indies (CWI) President Ricky Skerritt, who’s aiming for re-election after a two-year time period, revealed the COVID-19 pandemic had compelled them to borrow cash to pay participant salaries and workers, however the board’s debt has decreased to a 3rd in its tenure.
Skeritt will battle for re-election in opposition to Guyana Cricket Council secretary Anand Sanasie.
Talking in regards to the state of CWI’s funds, Skerritt stated they’ve improved dramatically since he took over.
“The most important downside we confronted was that every one of our future money was earmarked earlier than we even bought it. We lived on future borrowed earnings. So we had almost $ 20 million in institutional debt. And we have been borrowing to pay again lenders.
“It was all smoke and mirrors. And that is comprehensible about short-term methods when there are arduous instances for money move. But it surely had turn into rampant,” Skerritt stated. ESPNcricinfo.
The CWI boss went on to say that the board needed to borrow to pay workers who obtained a 50 % pay reduce on account of the pandemic.
“So we needed to tighten our belts, give attention to money fairly than revenue and loss, and do away with all types of pointless prices. And we’ve decreased our debt by not less than a 3rd now after lower than two years.
“And, with some problem, we improved our capability to satisfy our obligations, we simply could not meet most of our obligations (earlier than).
“We have been borrowing cash to pay salaries. We did that within the first yr of my tenure. Till early final summer time, we actually needed to borrow to pay solely gamers and workers,” he stated. he declared.
The West Indies crew have been the primary to tour amid the pandemic, touring to England for a sequence of assessments in July final yr.
On the impression of the well being disaster on playing, Skerritt added: “The pandemic has made every thing extra devastating. But it surely additionally gave us the chance and an excuse to give attention to what we actually wanted to be. focus … make all stakeholders perceive that it could take sacrifices on all of us, together with a 50 % pay reduce for everybody.
“The pandemic has compelled us to do extra with even much less. And I believe ultimately we are going to emerge from the pandemic extra knowledgeable and extra conscious of what’s wanted to maneuver ahead.”