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US$14.8m loss


Haydn Gill

US$14.8m loss

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Dave Cameron has taken over as president of the West Indies Cricket Board (WICB) on the heels of a US$14.8 million loss the regional governing body incurred over the last year.
After his election to the top post yesterday, Cameron revealed the board’s expenses significantly outweighed its revenues following a profit of more than US$15 million the previous year.
The financial statements were presented at the WICB’s annual general meeting at which Cameron unseated three-term president Julian Hunte, while his running mate Emmanuel Nanthan was elected vice-president, defeating Joel Garner.
While admitting it was a concern, Cameron explained that the loss was due in large measure to which teams came to the Caribbean every year.
“We have cyclical revenues because of how the tours appear. In the Future Tours Programme, we only make money when we play India and England at home and from receipts from ICC tournaments.
“All these other tours we entertain – which we have to do as a full member of the ICC – we don’t make the kind of revenues to deal with our expenses,” Cameron said
“We have to be creative,” he said. “It is a cause of concern. We have a media rights deal for the next seven years. There are projections from the ICC events but there is still a huge shortfall.
“That is part of the reason why we have been asked to take over the mantle of West Indies cricket at this time. There are a lot of opportunities.
“At this time, there are only two sponsors from the region who are part of West Indies cricket. I have relationships in the corporate Caribbean and I’m hoping those relationships will be able to erode those deficits going forward.”
The 42-year-old Cameron, vice-president of fixed income and securities trading at Sterling Asset Management and Services Limited in Jamaica, said the WICB’s budgeted expenses for the upcoming year stood at US$42 million and it would be a challenge to be able to cover those, have a return and to ensure development programmes are continued.
In a closely fought election, Cameron beat Hunte by seven votes to five, while Nanthan, 45, the president of the Windward Islands Cricket Board of Control, defeated Barbados Cricket Association president Garner 8-4 for the board’s No. 2 position.
Nanthan, Dominica’s Ambassador to Libya, thanked the members for entrusting confidence in himself and Cameron.
“I got some messages saying the election is over, the work is now beginning,” Nanthan said. “In the beginning, that work is to advance West Indies cricket to where we want it to be.
“It is incumbent upon me to reach out to all of the Caribbean in every nook and cranny, in every community, in every capital, in every village to deal with us.   
“In moving forward, it is not about what happened in the past, it is not about who won and lost. It is about bringing people of the region together, mobilization, strengthening, and getting the support of all.
“I’m honoured and privileged to be here and to lay myself at the doorsteps of Caribbean people for the advancement and development of our Caribbean community.”

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