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Johannesburg: Cricket South Africa slumped from earning a profit of Rand 295 million to a loss of Rand 47 million in the 2012 fiscal year as sponsors increasingly shied away in the wake of huge internal squabbling over IPL 2 bonuses paid allegedly by the former chief executive Gerald Majola to himself and other CSA staff.
The figures were disclosed in a statement from CSA after its annual general meeting here on Saturday.
“Because of the reliance on broadcast income there will be a loss again next year and thereafter the company will return a substantial profit,” CSA said.
The Nicholson inquiry pointed finger to now dismissed chief executive of Majola as having paid himself and other CSA staff huge unauthorised bonuses from IPL 2.
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