IRIEFM.net - WICB DENIES IT BORROWED MONEY FROM ICC

WICB DENIES IT BORROWED MONEY FROM ICC

Dec 1

The West Indies Cricket Board has moved swiftly to squash reports that it was seeking a us $3 million bailout from the sport’s world governing body the ICC. The Hindustan Times newspaper reported this week that the WICB had requested the loan from the International Cricket Council to keep them afloat. The WICB has categorically denied that it has applied for a loan and has explained it is not unusual for full members of the world body to ask for what amounts to advances on future ICC income. The Windies Board says with the hosting of ICC tournaments, each member country would receive payments as their share of the profits. The board adds that it was expected that with the hosting of the ICC champions trophy in Pakistan in September, the WICB – like all member countries – would have received its share by October next year…………this means that all countries would have budgeted the monies that they would have received as part of their income and expenditure. With the postponement of the Champions Trophy this year, the ICC will now be expected to make the payments in October next year, but it was agreed by the ICC that all member countries that needed the monies should request it with supporting documents showing their programs and how cash flow would be affected. The West Indies is not the only member country of the ICC indicating that its cash flow would be affected by not receiving the expected monies as anticipated. Thus, any report that the WICB has made a loan application to the ICC because of financial difficulties is grossly inaccurate.

comments (0) Views(42657)

Views expressed here are NOT necessarily the views of IRIEFM.NET

Follow IRIE FM SPORTS