Cricket

Cricket South Africa (CSA) has announced a remarkable financial turnaround, posting profits of R815 million (US$ 45.6 million) for the 2023-24 fiscal year. This significant achievement marks a departure from the losses incurred over the past three reporting periods, totaling R538 million (US$ 30.14 million).The turnaround is primarily attributed to increased revenue from broadcast rights, which now account for 54% of CSA's income. The successful hosting of the 2024 Under-19 men's World Cup and a bumper SA20 tournament, in which CSA holds a majority stake, further contributed to the financial boost.CSA's total ICC disbursements for the period amounted to R566 million (US$ 31.63 million), a significant increase from the previous year's R290 million (US$ 16.2 million). The organization anticipates another strong financial year in 2024-2025, largely due to hosting India for four T20Is in November, with revenue projections exceeding R150 million (US$ 8.38 million) per match.The financial turnaround has had a positive impact on the women's game in South Africa, with CSA investing R32 million (US$ 1.78 million) in professionalizing domestic women's cricket. The cost of running professional cricket remains CSA's largest expense, with R633 million (US$ 35.3 million) allocated to domestic men's and women's teams.Despite the financial challenges, CSA reported strong performance across all levels of cricket. The men's team reached the semi-finals of the 2023 ODI World Cup, while the women's team achieved historic victories against Australia. Grassroots cricket also saw a surge in participation, with the KFC mini-cricket program reporting a 20% increase.The CSA AGM marked the end of Lawson Naidoo's three-year tenure as chair. A new chair will be elected at a special general meeting this month, with the selection process limited to independent directors.