Financial problems for Cricket South Africa

There are certain rumours doing the rounds that Cricket South Africa (CSA) is heading for difficult financial times since the departure of the former Chief Executive Officer, Haroon Lorgat, at the end of 2017. Lorgat may not have been the ideal leader, as we saw with his tenure at the International Cricket Council and especially his altercations with India. However, Lorgat, professionally being a chartered accountant, did an outstanding task as CEO for South African cricket, especially with regard to finances. He brought about financial stability and growth. When he left CSA had R1,4 billion in reserves. This was built mainly on budgeting the dollar very conservatively compared to the real trading value. Since he left the position 14 months ago, CSA have spent a billion rand of its reserves and now have only about R400 million in reserves. This might sound like a healthy position but for an operation … Continue reading