Cricket South Africa is set to lose R180-million over the postponed Global League T20 series.
Those are numbers being quoted by ESPNCricinfo which, without quoting sources, says about R80-million will be spent on player payouts. They will take place in three installments to reimburse 138 contracted players 60% of their contract fees for the tournament.
The 16 rounds of draft picks all came with a different cash bracket, with the first round seeing players pocketing R1.75-million and the final two rounds presenting the chosen ones with R130,000.
In early December, Cricket South Africa announced that an amicable arrangement had been made to compensate all the players who missed out when the launch of the ambitious world-class series was postponed until November 2018. The 2017 edition had been rushed through under former CEO Haroon Lorgat, and was found to be unsustainable due to a series of difficulties, including the lack of a broadcaster.
The CSA board of directors met on Wednesday at the conclusion of an internal investigation, which looked into the reasons why the T20 Global League was financially unfeasible and found that while there were pervasive governance lapses around the tournament, there were no ‘irregularities or financial mismanagement’.
Apparently, CSA has reserves of over R500-million, which keeps the organisation in a healthy financial position.