CWC 2007 netted an overall profit of US$53.9 million, according to the audited report of the ICC Cricket World Cup West Indies 2007 Incorporated (CWC 2007), which was presented by auditors KPMG at the CWC 2007 Board’s final meeting yesterday.
The profit is believed to be the highest ever recorded in the history of the CWC, a West Indies Cricket Board release said.
It had been widely stated in the Caribbean and the wider world that the entrance fees, which averaged US$90 per ticket, were too exorbitant for the average Caribbean national, denying many an opportunity to witness the once-in-a-lifetime experience.
Guyana has not as yet received its audited report from the Auditor General’s Office, Minister of Culture, Youth and Sport Dr Frank Anthony told the Stabroek News last week when he was asked when the cost of Guyana hosting six Super Eight matches in the CWC 2007 tournament would be made known.
A number of other Caribbean countries have already made known the sums their countries spent on infrastructural and other works in preparation and in hosting the event.
According to the audited report of the CWC 2007, the audited ticket sales amounted to US$31.4 million, also believed to be the highest recorded in the history of the sporting event.
Of the US$53.9 million, US$29.3 million was paid out to the Local Organising Committees (LOCs) on behalf of the Caribbean governments, which were the official hosts, as of December 2007.
The WICB will also be sharing 25% of its profit portion, that is, US$24.6 million, with the territorial cricket boards. It is expected that the national cricket boards of Barbados, Guyana, Jamaica, the Leeward Islands, Trinidad and Tobago and the Windward Islands would be the beneficiaries.
Immediate past president of the WICB and chairman of the CWC 2007 told the final meeting of the board yesterday that the final tournament report and audited financial statements will be sent to the WICB President and to the Caricom Secretariat as well as made available to the public.
Gordon, who expressed his satisfaction with the results and the performance of the board and management in the delivery of the event, is quoted as saying, “We have received an unqualified audit report which shows a very respectable financial performance and the maintenance of financial integrity in our operations. We have completed our task and look forward to the legacy of our efforts.”
Meanwhile, the governments of Guyana and Barbados have challenged payments made to their governments from ticket sales. In Guyana’s case just under US$1 million in world cup ticket sales was said to be still outstanding.
President Bharrat Jagdeo had said earlier this year that the government was considering suing the WICB on the matter and Anthony had told the Stabroek News that he was not sure why the WICB had withheld the sum.
Ticket sales in Guyana totalled some US$2.372 million but only US$1.3 million had been paid over in two installments, he had said.
Anthony had said too that Guyana was claiming US$825,000 from the WICB for services provided, while the WICB was claiming US$467,000 from Guyana for services provided during the CWC 2007 event. He contended that even if Guyana owes the WICB US$467,000 and that was deducted from the ticketing revenue, the WICB still has the remainder of the money from the ticket sales and it still has to look at Guyana’s other claim for services provided.
Before Guyana could move to the courts, there are provisions in the host venue agreements signed between the parties concerned to move to arbitration. Stabroek News understands that the matter is expected to be resolved without a move to arbitration.
Meanwhile, Guyanese are still to hear from the government on the details of its staging of the CWC matches. Anthony told this newspaper that the report of the LOC, which was disbanded since the end of June, was completed but it was awaiting the audited financial report before it could be laid in the National Assembly.
Six months ago, Anthony had told this newspaper that the auditing of the accounts was almost complete and the report would have been laid in Parliament before the end of 2007. This month end would make it one year since the CWC matches were held in Guyana.
Based on public figures available, Stabroek News had estimated that Guyana had spent in excess of US$54 million on infrastructural works funded by or through the government.
Other Caribbean governments that staged CWC matches, including Antigua and Barbuda, Trinidad and Tobago and Jamaica have publicised their spending.
In January, the government of Antigua and Barbuda, through its director of public works and chief technical officer in the Ministry of Works and Transportation, gave a detailed report of the project accounting for its spending. The report was in response to allegations of misspending in respect of the construction of the Sir Vivian Richards Cricket Stadium. (Miranda La Rose)
