Good to see player's making some decent money out of cricket but on the other hand if not used properly may go into the pockets of Mugabe
Cricket Union Posts Over $10bn Surplus
The Herald (Harare)
July 30, 2003
Posted to the web July 30, 2003
THE Zimbabwe Cricket Union further distinguished itself as the country's richest sports association when it posted a surplus in excess of $10 billion for the 2002-2003 season.
National squad players earned an astonishing $1,3 billion in salaries, match fees and bonuses despite losing their two Test matches and winning just six of their 22 one-day internationals in the 2002-2003 season.
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This represented an increase of 484 percent as the players had earned $274,5 million during the 2001-2002 season.
According the financial statement audited by Pricewaterhouse Chartered Accountants and presented during the ZCU's annual meeting on Saturday, the union's surplus for the year ended April 30 2003 was a staggering $10,8 billion up from $146,9 million recorded last year.
Much of the revenue came from the 2003 International Cricket Council World Cup which had Zimbabwe sub-hosting five of their six Group A matches at Harare Sports Club and Queens Sports Club in Bulawayo.
The other match against England scheduled for Harare Sports Club on February 13 was cancelled.
However, ZCU chairman, Peter Chingoka, attributed the impressive figures to the 2003 ICC World Cup.
"Whilst the figures are extremely impressive, we caution that this year's financial performance is substantially bolstered by the World Cup proceeds, a four-year cycle.
"Hopefully this strength will enable us to improve on our playing performance in the Test arena and help galvanise our development programme," said Chingoka in a statement accompanying the 2003 annual report.
The union made an income of $12,96 billion with Z$11.768 billion being net tour surpluses while the remainder came from interest received, exchange gains, sale of corporate boxes and balcony seats, sponsorship and grants.
Net revenue from the 2003 World Cup accounted for $10,2 billion (86,7 percent) of the net tour surplus, while the ICC Champions Trophy staged in Sri Lanka in September last year generated $1,06 billion.
The tour of Zimbabwe by Pakistan in November last year realised a surplus of $531 million and the Sharjah quadrangular tournament in the United Arab Emirates in April this year generated $66,6 million.
Unlike their counterparts in football, the ZCU can afford to have international matches played before empty stadiums as revenue comes from television rights and sale of corporate boxes and balcony seats.
ZCU made losses of $ 96,76 million on the tour of England, the ICC Six Nations in Namibia, the tour by South Africa A, the Africa Cup in Zambia, the tour by Namibia and the tour by Kenya last year.
Cricket and administration expenditure for the year under review amounted to $2,1 billion.
At April 30, the union employed 224 employees who gobbled up $98,6 million in salaries and related costs at an average of $8,2 million a month.
A total of $1,8 million was spent on scholarships, up from $1,7 spent during the previous financial year.
The number of participants in the ZCU's scholarship programme is currently 56 and the Tobacco Industries Cricket Supporters Association has come in with a commitment of over $4 million.
Selection to the programme is held each year for Grade Seven boys, and approximately 10 boys are selected to replace those leaving the programme at Form Six level.
The 2002 selection took place at the Under-13 inter-provincial tournaments.
The ZCU remains the only sports body in the country to present audited financial results every year as other associations like Zifa have failed to produce audited accounts on time, if at all.
While other associations battle to get funding, the ZCU is awash with sponsors.
Old Mutual, Nissan Zimbabwe, Bata and Zimbabwe Sun Hotels are the ZCU's main sponsors, while further sponsorship comes from 22 other companies including national airline Air Zimbabwe, Anglo American Corporation Zimbabwe, CFX Foreign Exchange, Coca-Cola, Econet, NMB Bank, Stanbic Bank and South African Airways.
Sports Commission chairman Anthony Mandiwanza applauded the ZCU for running cricket on professional lines.
"The Sports Commission is happy with the efforts of the ZCU to run a professional administration manned by competent full-time personnel.
"This is the way it should be. As a result, cricket has set a good example by timeously submitting its audited accounts, annual reports and development plans to the Sports Commission," said Mandiwanza.