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2020-04-27

Kevin Roberts has failed to explain the financial crisis at CA, former CEO of ICC Speed-cricket

Image:-Kevin Roberts

Former ICC chief executive Malcolm Speed feels that the financial issues of Cricket Australia are quite complicated and current CEO Kevin Roberts has failed to provide some clarity in these troubled times.

CA has already placed 80 percent of its staff under financial stress on a 20 percent salary until the end of June, while a handful of others, including the executives, remained on an 80 percent pay

The decision saved AUD 3 million which critics slammed because at the end of March (2020) CA had some AUD 90 million in reserves, including AUD 36 million in stock investments.

Speed, also a former CA top boss, pointed out how CA had invested AUD 22 million in 2012, which increased earlier this year to about AUD 45 million before sliding to AUD 36 million due to the coronavirus shock.

"That was messy I think," Speed told SEN Radio.

"I've seen an article on the stock market saying cricket has lost millions of dollars. Well, it made millions of dollars on the stock market and its lost part of its profits before it lost millions on the stock market, but it hasn't lost anything yet because it hasn't sold out. That was an issue. "I don't think the financial issues of cricket were explained very well, they're pretty complicated, and I think Kevin Roberts stumbled over that and tried to clarify the issue, but it's very hard to follow," Speed, who served as CA's chief executive between 1997 and 2001, told SEN Radio.

The 71-year-old, who had served as CEO of the ICC from 2001 to 2008, feels that Roberts has much to explain.

"There's been a lot of surprise, the staff at CA seemed to be surprised that they were standing down so they didn't see that one coming. So I think there's still some explanation to be done there, "he said." I'd be very surprised if Kevin lost his job as a result of this, but then again I was surprised by a couple of other things that happened. "CA is also looking at a stunning AUD 300 million loss if the Indian Tour in October is not going ahead because of the coronavirus. There is also the T20 World Cup, hosting Australia in October-November.

Speed said: "Increasingly as we move through this situation with the Covid-19, that seems increasingly unlikely to happen."