(SportsMax) Despite admitting their finances are in dire straits, West Indies Cricket (CWI) President Ricky Skerritt has revealed that staff and players are now receiving their full wages again after agreeing to a 50 per cent pay cut last year.
In July 2020, at the height of the COVID19 pandemic that left CWI facing a large loss of income in the absence of regular cricket activities, CWI enforced pay cuts overall, but the president now said all wages were back to normal. , even if only temporarily.
“The cut does not currently exist … but let me remind you (the breach) was part of the crisis management strategy,” he told Line & Length on Sportsmax over the weekend.
“We had established what we called a financial strategy advisory committee which was a small task force combined by our finance and audit risk committee together with the compliance committee, the CEO ( Johnny Grave) and I.
“The pandemic is not over but we have relieved one of those conditions, namely that we are back to full pay,” said the 64-year-old Kittitian.
According to KPMG’s auditors, the Board’s financial records show that CWI’s liabilities exceed assets
and the “material uncertainty” arose about the ability of the sports establishment to continue to operate indefinitely.
“We highlight Note 2 to the consolidated financial statements, which describes that the group’s revenues are cyclical and depend on the popularity of the various bilateral trips undertaken by West Indies teams,” said the auditor’s report independent.
“At September 30, 2020, the group’s current liabilities exceeded its current assets by US $ 14,836,946 and its total liabilities exceeded its total assets by US $ 10,747,720.
“These events or conditions, along with other issues as set out in Note 2, indicate that there are material uncertainties that could cast significant doubt on the group’s ability to continue as a going concern. Our view has not been modified in relation to this issue. “
Skerritt, who had another two-year term along with his vice president, Vincentian Dr Kishore Shallow, also noted much improved relationships with stakeholders, players and staff over the past two years.
“The whole process is to remove players from their focus on cricket as far as possible and does not provide any interruptions or interruptions from an administrative or managerial level that can cause any kind of distress or any kind of unnatural concern for the players. it’s about the environment they find themselves in or not on a journey, ”said the president of the CWI.