Cricket South Africa reports $12 million loss, pins hopes on India and Australia series for recovery

Johannesburg: Cricket South Africa (CSA) has announced an anticipated loss of Rand 159 million ($12 million) loss for the current year, but is banking on the upcoming home series against India and Australia to boost its coffers again. [caption id=“attachment_3562127” align=“alignleft” width=“380”]  File image of chief executive of Cricket South Africa Haroon Lorgat. Reuters[/caption] CSA reported the expected loss when it tabled its financial statements at its AGM in Cape Town on Saturday, but added that the authority’s finances were still strong. “In commenting on the financial statements, I would like to stress that CSA remains in a very healthy financial position. We have a very strong balance sheet and a favourable cash position. Our income balance after taking into account the loss for the year is R655-million,” CSA president Chris Nenzani said. “As is well known our budgetary forecasts are based on a four-year rolling plan as the vast majority of our income comes from television revenue generated from incoming tours. As a result, we anticipate a very strong financial year in 2018 as a result of the incoming tours from India and Australia,” Nenzani added. CSA said there had been investments in major capital projects to grow the sport in South Africa.