Cricket West Indies records revenue of US$62.3M for 2023

FRESH from their AGM which was held in Antigua on March 23, Cricket West Indies (CWI) has revealed the organization recorded revenues of US$62.3 million for 2023, with a net income of US$14.25 million.

CWI made the announcement via press release on March 26, as it released the annual report and audited financial statements for the fiscal year 2022-2023.

CWI president Kishore Shallow applauded the “tremendous progress” the organization has achieved, and he believes the region will also reap financial gains when the 2024 International Cricket Council (ICC) men’s Twenty/20 World Cup is co-hosted by the West Indies and the US from June 1-29.

“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,” said Shallow, who was appointed CWI president last March.

The CWI president is looking forward to a bumper 2024 as the region hosts the showpiece T20 tournament for the second time.

“The excitement around hosting the ICC men’s T20 World Cup 2024 resonates with us at Cricket West Indies,” Shallow said.

“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.”

CWI’s chief financial officer Kebra Nanton was also pleased with the strides being made by the organization, and she expects CWI to further strengthen their financial standing in the next few years as they continue the “transformational change” in the organization.

“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,” Nanton said.

“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.”

Nanton said these returns have improved the organization’s ability to deal with future challenges. On March 26, CWI also issued a release which pointed out Shallow’s attempt to implement governance reforms which had been recommended by the 2020 Wehby Report on Governance Reform of Cricket West Indies.

The CWI release said Shallow tabled a series of resolutions for implementation. The release continued, “despite extensive consultations and deliberations, some of the resolutions failed to secure the absolute majority threshold required for passage.”

The Wehby Report was done by an independent task force following a period of significant consultation within the region as various stakeholders cried out for change in the governance of West Indies cricket.

The task force was led by Don Wehby and also included University of the West Indies (UWI) Vice-Chancellor Hilary Beckles and former West Indies wicket-keeper Deryck Murray. The recommendations of the report included: the redefinition of the roles of the CWI president and vice-president to be more board specific and non-executive, a call for comprehensive reform of the CWI governance structure with a view to provide greater accountability and transparency and the call for the establishment of a Nominations Committee to identify and evaluate potential directors and committee members.

The CWI release did not indicate which recommendations were accepted or rejected at the AGM.

Shallow remains undeterred by the outcome, though. “While it is disappointing that some resolutions did not find favor with the majority on this occasion, I remain committed to ensuring that CWI governance structure is always at its most robust,” Shallow said.

“We will return to consultation with our shareholders to sensitise and advocate further for adopting modern corporate best practices.” The work to improve CWI’s governance structure continues.

“We will engage rigorously with our stakeholders, leveraging their insights and expertise to navigate this intricate process while re-examining CWI’s governance structure.”

CWI said there was a full quorum at the AGM, and representatives from Barbados, Guyana, Jamaica, Leeward Islands, Trinidad & Tobago, and Windward Islands were all present.