Cricket South Africa is expecting to make an accounting profit of between R50 million and R80 million for the 2019/18 financial year.The organisation's financials presented to parliament show an above R200 million loss for 2018/19.In 2018, it was estimated that Cricket SA would make R654 million loss over the four-year cycle ending in 2022.
Despite posting an above R200 million loss for their 2018/19 financial year, Cricket South Africa (CSA) is expecting to record between R50 million to R80 million profit for the 2019/20 year whose report is being finalised.
This was revealed in the organisation's presentation to parliament less than two weeks ago, with acting CEO Jacques Faul attributing the uptake to the weak rand to dollar exchange rate.
In 2018, CSA announced that it had expected to make a R654 million loss over the four-year cycle beginning that year and ending in 2022. That was on the back of a rickety start to the ambitious and costly Mzansi Super League competition and its failed harbinger, the T20 Global League that never saw daylight.
Estimates also took into account the widespread restructuring of the domestic game - the essential doing away of franchises to give provincial affiliates equal footing - a move that the South African Cricketers' Association rejected.
But it appears wheels are in motion to cushion a large chunk of those projected losses, bringing those projected losses over that cycle to R530 million, with a target of getting it down further to R400 million.
"We haven't completed the audit function for this year [but] I am very proud to announce that this year we will be making an accounting profit," said Faul.
"We have to note that there might be adjustments but it's safe to say that it will be either between R50 million or R80 million after we had budgeted for a loss of R76 million, which is a very good new story for us.
"Our financial years run over four years and in the previous occasion we did mention the number R654 million [loss]. That cycle ends in the year 2022. With the positive swing, we've brought it down to R530 million and we are [estimating] around R400 million [by the end of the cycle] with the positive swing. We are hoping that will continue.
"The positive variances are mostly related to the weak rand. We get paid in US dollars for our broadcasting [rights], which makes up a large percentage of our income. It can be anything between 50% and 60% (of income)."
It's still unclear what financial impact Covid-19 will have on cricket's future, following the cancellation of the tour to India in March when the outbreak went global.
The ICC T20 World Cup, scheduled to take place in Australia this October, is hanging on tenterhooks because of the ban on cross boarder travel in most countries.
August's tour to the West Indies is under review, and could be held in England, where the Windies are currently touring, while the lucrative three-match T20 series against India could take place in March next year.