WICB hopes on World Cup to revive fortune

Published: Friday, July 21, 2006, 23:53 [IST]
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Bridgetown:Declared bankrupt by the auditors, the West Indies Cricket Board (WICB) is now desperately looking forward to next year's World Cup to fill the empty coffers and revive its fortune.

A Trinidad and Tobago Express report cited CMC Sports and claimed the WICB has gone bankrupt and the next year's showpiece tournament looks 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 has pointed out that the board and its World Cup subsidiary had incurred a net loss of 19,513,410 dollars during the year that ended September 30, 2005.

''And as of that date, it had an accumulated deficit of 34,920,819 dollar, and that the group's current liability exceeded its current assets,'' the report stated.

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, its ability to find new sources of finance, and to identify and implement additional or alternative revenue, generating and cost-reduction programmes, which will contribute to the group achieving and maintaining profitable operations,'' the report said.

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