The Cricket West Indies (CWI) funding model for territories and venues is “broken”, according to a report by financial consultants, PKF which has created an uproar in the region and calls for the board to take decisive action.
The current funding model for the territories/venues is premised on a significant portion of each territory’s annual funding coming from CWI primarily as compensation for the hosting of various international, regional and local matches, tournaments and events …and various development programs and marketing initiatives”, the report said.
As such, by default CWI as a significant conduit of funding have very little control over the cost efficiency of monies spent in the Territories”, the PKF report argued.
“A power imbalance appears to exist between the territories and CWI – the territories have wielded such weight in recent years that the CWI operations and financial personnel have effectively yielded disproportionate influence to the territories, which has resulted in a seriously flawed funding model and organizational cost efficiencies”, PKF contended.
The report said that this initiative was championed by the former CWI employee but that PKF has not seen any substantive analysis tabled before the board indicating the potential benefits and risks for such an “untested financial commitment over a protracted term”.
