The COVID-19 pandemic is creating havoc across the globe in many different sectors. However, one of the areas that are hardest hit is the sports industry.
Cricket West Indies (CWI), like other organizations, is faced with the unenviable task of balancing its book to remain viable.
Consequently, the announcement of a temporary 50 percent reduction in salaries and cricket funding across the entire regional cricket system, effective from the start of July, is a no brainer.
This decision has been necessary in the face of debilitating economic challenges that have resulted from the impact of the COVID-19 pandemic, the organization charged.
The board also explained that “with no international cricket currently being played anywhere in the world, and with great uncertainty of when regular cricket activity will resume, CWI – like many other international sporting organizations worldwide – is facing a significant loss of income, whilst also being uncertain of the long-term impact of the crisis on our operations.”
It further noted that the decision is regrettable, but it has no choice but to act now to protect CWI’s future.
“It is in that context that CWI’s Board of Directors, with deep regret, have agreed to a plan that we expect will safeguard CWI’s future while delivering at least a minimum level of job protection for all of the people employed or contracted throughout the region’s cricket community.”
In a recent Teleconference, CWI’s Board of Directors received recommendations from a Financial Strategy Advisory Committee (FSAC) set in April for that purpose.
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