Cricket West Indies collects US$14.25 million profit in 2023

Reports from Cricket West Indies (CWI) suggest that the organisation made a net profit of US$14.25 million for the 2023 financial year, which ended on September 30, 2023.

Cricket West Indies collects US$14.25 million profit in 2023
Cricket West Indies collects US$14.25 million profit in 2023

Reports from Cricket West Indies (CWI) suggest that the organisation made a net profit of US$14.25 million for the 2023 financial year, which ended on September 30, 2023.

The Annual General Meeting (AGM) for the organisation was held in Antigua on Saturday, where it was revealed that US$62.3 million was collected by CWI by way of revenue in 2023. This disclosure was part of CWI’s Annual Report and Audited Financial Statements for the fiscal year 2022 to 2023, which was presented at the event.

Dr Kishore Shallow, the President of Cricket West Indies (CWI), stated that the organisation has worked with a collectively and with diligence, which has helped it progress in the period under consideration.

He added, “As we look back on the past year, I applaud the tremendous progress we have achieved together. The credit is yours, as through our unified efforts, we have made much progress. I am equally confident that our journey promises even greater rewards if we maintain this path.”

According to President Shallow, the ICC Men’s T20 World Cup 2024, which is not too far away, has the potential to bring in revenue somewhere to the tune of US$300 million, which will have a significantly positive impact on the economies of Caribbean nations.

President Shallow also stated the following, “The excitement around hosting the ICC Men’s T20 World Cup 2024 resonates with us at Cricket West Indies. This is a remarkable opportunity for the Caribbean. CWI stands ready and well-positioned to make the region and cricket world proud of a magnificent spectacle in June.”

Kebra Nandon, the Chief Financial Officer for Cricket West Indies, expressed her happiness, adding that the improvements seen in the finances of the organisation were down to the transformational changes made by it, which were seen as a necessary step to stabilize the cricketing body.

Nanton added the following, “Having successfully reversed the deficit of over US $2 million, which was over US $23 million in 2021, we now record a surplus of US $12 million. Furthermore, our forecast for the end of 2024 anticipates our surplus exceeding US $20 million. This achievement lays a solid foundation for our sustainability over the next four years.”

“By fortifying our financial position through increased retained earnings, we have bolstered our ability to navigate future challenges.”

Grant Thornton of Antigua is said to have been responsible for conducting a thorough and comprehensive audit of the finances of Cricket West Indies (CWI), according to the organisation itself. It has been said by representatives of Cricket West Indies that this step contributed greatly in promoting transparency and ensuring that the appropriate steps were taken to reform the organisation’s financial management.