Cricket Australia (CA) Chief Executive Kevin Roberts has said deep staff pay cuts were necessary to shore up the game’s finances amid the coronavirus shutdown, despite the governing body holding tens of millions of dollars in stock investments, according to Reuters.
CA announced plans to furlough almost 80% of staff last week, putting them on 20% pay until June 30 when it is hoped more will be known about how long government curbs to control the coronavirus will last.
The cuts, which will save A$3 million ($1.89 million), have drawn criticism from media pundits, given CA had some A$90 million in reserves at the end of March including A$36 million in stock investments.
Roberts, however, said CA had to be prepared for further blows to the game’s finances if a sustained shutdown put paid to all cricket in 2020, including the Twenty20 World Cup on home soil in October and hosting India in a lucrative test series.
“It wasn’t an over-reaction because we’re dealing with a situation that’s hitting us unfortunately at the low point of our cash cycle over four years,” Roberts told reporters in a video conference call on Tuesday.
Roberts added that all options were on the table for domestic and international cricket, including playing the entire India entire test series at a single venue or at closed stadiums, if required to manage the health risks.
