In the Cricket South Africa’s (CSA) annual board AGM in Johannesburg, it was confirmed that current President Chris Nenzani will continue for another year in the same position. The board’s Vice President called the extension necessary to maintain the stability of the organization as it tries to modify its structure with some ‘fundamental changes.’
“The board and the member’s council agreed that we would ask Chris to stay on because there are several changes about our cricket at the moment, we’re looking at our whole model and making fundamental changes, and we felt we needed him to share his expertise and wisdom,” Williams said. “It was a unanimous decision. We are fully confident in the leadership we have, they have led well and the results and outcomes have been pretty good.”
This year, the cricket board reported a loss of Rand 200 million in what turns out to be an interesting development. However, the loss of R200 million is an improvement over the budgeted figure of R222 million for the year, as confirmed by the board in the approved financial statements. They further revealed that the growth was due to cost-cutting initiatives but also made sure that it did not negatively impact development programs or improved investment returns.
“CSA still has a cash balance of R349-million and very healthy reserves of more than R850-million. The chair of the Finance Committee, Mr. Iqbal Khan, also revealed that plans had been put in place that had reduced the previously projected deficit of R654-million over the next four years down to R120-million,” the statement added.
However, in his Presidential address, Chris Nenzani disagreed that the CSA was bankrupt stressing on the fact that there was a healthy relationship between the board and senior management.
“There are those CSA bashers who peddle the narrative that we are bankrupt, but our only crime is that we were transparent and honest,” CSA president Chris Nenzani said. “We did our sustainability analysis which showed us that if we did not do anything, there would be an R654 million hole. We said that we raised the alarm, whatever the populist narrative says.
“Our Board decisions have always been taken unanimously or by consensus and there is also a healthy relationship between the Board and the senior management.
“The Board has given the senior management and specifically our Chief Executive more responsibility, not power, and with that comes an escalated level of responsibility. The CEO remains accountable to the Board and we will hold him to that.”
Receive more interesting news, updates and live scores on your smartphones, download CricDost app now!