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+--- Thread: West Indies Cricket In Big Trouble Over Financial Mismanagement (/thread-42932.html)
West Indies Cricket In Big Trouble Over Financial Mismanagement - chairman - 05-19-2020
Cricket West Indies’ finances recently underwent an audit from an accounting and financial management consulting firm PKF. As per a report by ESPNCricinfo, the audit indicate that Cricket West Indies is currently suffering from excessive revenue projections. The news of the recent audit report comes on the backdrop of the West Indies board’s continuous struggle to pay match fees to their players.
West Indies Cricket In Big Trouble Over Financial Mismanagement - chairman - 05-19-2020
The report, compiled by external and independent auditors PKF, suggests Cricket West Indies (CWI) has suffered from overly optimistic revenue projections and unsustainable costs. It also criticises an opaque and inadequate accounting system, which enabled abuses to go unreported and posed a threat to "the board's long-term sustainability."
West Indies Cricket In Big Trouble Over Financial Mismanagement - chairman - 05-19-2020
"To put into perspective since January 2017 the corporate secretary [the COO] earned US$19,000 per month or about US$646,000 for the last 34 months," the report reads. "Assuming that the fair market value for such service is US$10,000 a month (at extreme) CWI has paid an unnecessary premium of approximately of US$306,000 over that period for no apparent reason."
West Indies Cricket In Big Trouble Over Financial Mismanagement - ketchim - 05-20-2020
HAHAHAHAHA ! WHOM WOULD HAV THUNK ??
These guys are at the TROUGH : lapping up like PIGS !