Cricket Australia to get USD 50 million loan upfront as safety cover for India Test series

Highlights :

  • Stakeholders have been informed that CA's loan with the Commonwealth Bank is a "done deal"
  • CA stood down more than 200 staff on 20 per cent pay due to the Covid-19 crisis
  • CA boss Kevin Roberts fearing fears they might run out of money by August if the drastic cuts were not made

Cricket australia has secured a $ 50 million loan, an advance payment as part of a larger US $ 200 million credit that allowed India to fail to visit the country later this year due to the novel coronavirus epidemic But has sought to cover the loss.

According to a report published in 'The Sydney Morning Herald', stakeholders have been informed that the loan is a "done deal" with Commonwealth Bank.

However, it raised new questions about its decision to operate 80 percent of its employees last month due to the financial crisis.

More than 200 employees were lined up by the end of June, with CA chief executive Kevin Roberts fearing they could run out of money if there were not drastic cuts in August.

The decision, which saved CA 3 million USD, is now a question of whether the governing body should be given a loan of US $ 50 million.

The report states that Roberts, still earning 80 percent of his salary, is ready to propose a 25 percent reduction to state unions.

CA is losing 300 million Australian dollars in the wake of the pandemic and a four-Test tour of India in December-January could bring relief to the struggling body.

Former Test all-rounder Shane Watson, who is chairman of the Australian Cricketers' Association board, will call a meeting early next week "to formalize the situation on the state of the game's finances".

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