Cricket West Indies (CWI) says it plans to aggressively continue rolling back debt and streamlining its financial practices, in an ambitious bid to realise profits by 2023 and place the organisation on sound commercial footing.
An audited financial statement for last year shows losses of over US$13 million (J$1.9 billion) and prompted auditors KPMG to “cast significant doubt on the company’s ability to continue as a going concern”. CWI Chief Executive Johnny Grave said it was critical that the board remained prudent in managing costs by adhering to initiatives already in place.
He said the CWI had already managed to reduce borrowing, and while the COVID-19 pandemic continues to present unprecedented financial challenges, it was hoped that within the next two and a half years the organisation could be in a sustainable position.
“Making good choices about our investments and how much money we spend, having really good control over our costs [will be key to improving CWI’s finances],” Grave said.
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