Johannesburg, Aug 30 (Inditop.com) The Indian Premier League II (IPL) hosted in South Africa earlier this year helped Cricket South Africa (CSA) record a turnaround of over 80 million rands (1 rand=US 13 cents) for the 2008-09 season after budgeting for a loss of 75.9 million rands.
CSA treasurer Hentie van Wyk announced at the national cricket authority’s annual general meeting here Saturday that the 5.3 million rands operating profit came as a result of stronger negotiations, bigger broadcast deals, increased sponsorships and CSA’s successful hosting of international tournaments, including the IPL.
“This favourable variance to budget is mainly due to interest received on increased cash balances, fee income related to the Champions League, IPL related income, increased sponsorship and international broadcast revenue. In many aspects, our positive financial results reflect the benefits to cricket of improved structures, expertise and management at all levels,” van Wyk explained.
“It is critical that all new cricket funding is able to be maintained in future years and the four year view supports this approach. Due to international TV rights being sold, last year, for significantly larger amounts, the next four year cycle will show an increasing revenue trend,” he added.
CSA and Gauteng Cricket Board (GCB) were involved in a tussle over matters related to holding of IPL that resulted in CSA withdrawing international games from the Wanderers, the venue of the local body GCB. The issues were finally resolved after the intervention of Minister of Sports.
CSA president Mtutuzeli Nyoka said: “We are delighted with the Proteas world number one status in One-day International and Test cricket. There is no doubt in my mind that our team is now within reasonable distance of real greatness, an era of world domination that is unsurpassed in our country’s history.”
“The public played a major role in spurring the Proteas to these record heights, using innovative communication platforms like Facebook and Twitter, to show their support,” said CSA CEO Gerald Majola.