CPL open 'to look' at 50-year deal with CWI

AMID calls by regional governments to renegotiate its 50-year contract with Cricket West Indies (CWI), Caribbean Premier League (CPL) CEO Pete Russell has denied allegations that his organisation is the sole entity benefiting from a "lopsided" arrangement.

Russell said the CPL takes the brunt of any financial losses, not the players or CWI.

However, he is also open to work with all stakeholders to ensure everybody is satisfied with the contract.

Russell was speaking on day two of the Caricom Regional Cricket Conference – Reinvigorating West Indies cricket, at Hyatt Regency Hotel in Port of Spain on April 26.

On day one, the Prime Minister took issue with CWI’s contract with the CPL, saying, “The lopsided contract with CPL must end.”

West Indies legend and former captain Sir Clive Lloyd took umbrage with the terms of the contract.

Lloyd said, “It isn’t funny. Now, if we were running our own CPL we would have been able to give more money to the players…

"Again, how can a board sit down and negotiate that?”

But Russell said running the CPL comes at a significant cost, sometimes running into millions of dollars.

Russell said, “Over the past 11 years cumulative losses over both the league and franchises stands close to US$40 million.”

He said the CPL suffers, but not the players and CWI.

Russell said Caribbean players have taken home US$27.7 million in salaries since the tournament’s inception in 2013, all paid for by the franchises.

Giving more details about the challenges in making profits, he said, “There is no financial burden on CWI or the territorial boards, so the risk is 100 per cent ours. That is our starting point each and every year, so you could imagine our challenges just to break even.”

CWI is a five per cent owner of the CPL, Russell said.

Asked if CPL would be open to renegotiating the contract, Russell said, “We are part of CWI. If people think it is a problem with the 50-year deal, of course we'll look at it.

“It works both ways. CPL doesn’t necessarily want to be in a 50-year contract where we are losing money. I think everyone just got to work together.”

He said there is a “break” in the contract after 30 years.

Russell said CPL has done its utmost to keep its product Caribbean-centric, even taking a financial hit by not hosting matches at 10 am – ideal for the lucrative Indian television audience.

He said CPL is a wonderful platform for players to express themselves and showcase their skills for other leagues around the world.

He said the launch of the Women's CPL in 2023 shows its commitment to developing the regional game.

Russell said CPL has also sponsored many regional events including, most recently, the TT Cricket Board T20 Festival.

In an immediate response, Dr Rowley said he was happy with what he heard.

“I am satisfied with the issues on the table and on the front burner,” Rowley said.

Prime Minister of Barbados Mia Mottley said she was happy to learn that CPL is willing to talk about the contract.

"I am glad to hear that they are prepared to discuss aspects of the contract. I think that is the right spirit," Mottley said.

Mottley said in decades from now the financial landscape may be so different that signing such a lengthy contract is a risk.

"To say we will get US$5 million between 2053 and 2062 when we don't even know what US$5 million is going to be worth then; or we don't even know if US is going to be the reserve currency in the world.

"Let's get real. We are living in a world with serious geopolitical instability...I hope that coming out of this conference, giving the willingness expressed by CPL...and given the need for trust to be built, the quickest way to trust (is to) open the (financial) books."

Rowley said there has been an "absence of transparency" at times during the administration of West Indies cricket and with more dialogue this can be avoided.