Cricket West Indies just posted a $46 million surplus two years after being nearly $21 million in the red.
A couple of weeks ago, I investigated how Zimbabwe Cricket clawed its way out of an $18.9 million deficit and became financially stable to host Tests again. That sparked a broader question: How are the other non-Big 3 boards doing financially?
So, I went digging through a decade’s worth of Cricket West Indies financial reports.
What I found was surprising: West Indies may have pulled off one of the biggest financial turnarounds in recent cricket history, and no one is talking about it.
Key Takeaways
- Cricket West Indies flipped a $20.7 million deficit in 2021 into a $46.2 million surplus by 2024, making a $67 million turnaround in just three years.
- Annual revenue in the last 3 years was: $78.6 million (2022), $62.2 million (2023), and $88.3 million (2024). Operating costs ranged from $47-$65 million, while the total comprehensive income came in at: +$20.7, $25.7, and $22.63 million respectively.
- India’s tours in 2019, 2022 (along with England), and 2023 played a pivotal role in the recovery, driving media rights revenue of $33 million (2019), $34 million (2022), and $22 million (2023).
- The 2024 T20 World Cup generated a regional economic impact of over a $1 billion, while ticketing revenue jumped from $3.5 million in 2023 to $18.5 million in 2024.
The Break Even Years (2012-2017)
Between 2012-2017, Cricket West Indies (CWI) hovered around break-even status.
Revenues ranged between $26-$41 million, while expenses, including operating costs and tours, stayed between $30-40 million.
Some years ended in modest surplus, while others in manageable deficit. Overall, margins were tight and CWI had little room for error:
- 2012: +$578,073
- 2013: -$3,893,340
- 2014: -$5,424,715
- 2015: -$2,012,880
- 2016: +$1,578,346
- 2017: +$3,634,641
Sources: 2014 Finances, 2015, 2016, 2017, 2018
The Collapse of 2018
Then came 2018, and the books unraveled, when CWI suffered a loss of -$18,563,370, triggered largely by a fall in media rights.
Media rights income fell from $22.5 million in 2017 to just $986,052 in 2018, slashing their total revenue from $42.3 million to $20.9 million, while expenses remained high.
As CWI’s 2018 financial statement explained,
“During 2018, two unpopular tours took place which resulted in the Company incurring a significant lost of $22,198,011...”
That year, West Indies hosted Sri Lanka and Bangladesh, and toured Zimbabwe and New Zealand, series that likely failed to generate commercial traction. To manage cash flow, CWI secured a $5 million bond issue and $5 million mortgage loan from the Sagicor Bank Jamaica Limited to improve cash flow shortfalls.
In 2019, India toured the West Indies for 3 T20Is, 3 ODIs, and 2 Tests, which helped them get back up the feet. Media rights bounced back to $33 million, pushing the total revenue that year to $69 million and bringing the deficit back down to around $3 million.
From Crisis to Recovery: The Years After the Fall
Even though 2019 helped CWI get back to their feet, momentum stalled again during the the COVID-19 pandemic.
By 2021, the board was facing a $21 million deficit. However, three consecutive years of $20 million-plus total comprehensive income has completely flipped the equation, taking CWI from crisis to a mammoth surplus of $46 million.
*Note: During this period, CWI also began publishing consolidated financial statements, which incorporates other subsidiaries. Below is a summary of their surplus of consolidated financials (separate financial statements in parentheses)
- 2019: -$2,827,090 (-$3,017,035)
- 2020: -$10,747,720* (-$13,317,466)
- 2021: -$20,724,375** (-$23,438,047)
- 2022: -$9,711 (-$2,601,515)
- 2023: +$25,680,789, (+$12,047,709)
- 2024: +$46,218,992*** (+$34,904,963)
*Includes +$2.6 million non-controlling interest, **Adjusted in 2022 with a +$408,205 correction, ***Includes -$2.1 million change in non-controlling interest
Revenues, Operating Cost, and Total Comprehensive Income (2020-2024)
| Year | Revenues | Operating Cost | Other Gains/Charges* | Total Comprehensive Income |
| 2020 | +$23,716,763 | -$34,095,315 | -$142,078 | -$10,520,630 |
| 2021 | +$27,879,487 | -$38,081,453 | -$182,893 | -$10,384,860 |
| 2022 | +$78,646,235 | -$57,123,254 | -$808,317 | +$20,714,664 |
| 2023 | +$62,252,743 | -$47,016,811 | +10,454,568 | +$25,690,500 |
| 2024 | +$88,354,688 | -$65,424,187 | -$292,198 | +$22,638,203 |
*Others gains/charges include revalution of land and property, finance costs, net income attributable to non-controlling assets, etc..
Other Notes:
- $7 million in bad debt due to T20 World Cup remains to be paid back but is expected to be recovered in the coming years.
- In 2024, operating expenses included $28,576,049 in administrative costs and $36,848,238 in tour/tournament costs.
- Of the $36.7 million, $4 million was for World Cup event cost, $6.3 million was fees paid to territorial boards, $13 million for player payments, $7 million for airfares and accommodation, and about $6 million in miscellaneous expenses (prize money, umpire cost, meal allowances, selectors’ cost, fitness and conditioning, balls and gears, etc.)
What Drove The Largest Financial Gain between 2022-2024?
Revenue jumped from $27 million to $78 million in 2022, which erased a large portion of their deficit. This was largely due to the India & England tours and numerous sponsorship deals.
“Subsequent to the financial year, the Group has entered two (2) new sponsorship agreements with CG United and IMG Arena, for USD $6 Mil and USD $1.4 Mil, over the next four (4) years 2023-2026…In addition to the annual distribution from ICC of USD $17 Mil, the Group will receive a surplus of USD $9 Mil in April 2024, further strengthening the Group’s cashflow position. Although 2021 was a loss-making year, because of the England and India tours in 2022, the Group has fully recovered these losses, ending the year with Net Income of USD $21 Mil.”
In 2022, media rights brought them about $34 million, ICC distribution and other host fees around $24 million, sponsorship about $8.1 million, and ticket sales around $7.7 million.
India visited WI next year again, which continued to boost their finances. In addition,
“Trade and other receivables increased by $19.8 million compared to 2022. This increase was mainly driven by accrued revenue from various sources such as FanCode, ICC Surplus Distribution for the cycle ending 2023, and ESPN USA.”
How Much did the Revenue Increase in 2024 due to the T20 World Cup?
| 2023 | 2024 | |
| ICC Distribution, Participation & Host Fees | +$28,964,754 | +$46,683,506 |
| Ticketing Revenue | +$3,542,864 | +$18,598,560 |
| Media Rights | +$22,192,941 | +$14,994,612 |
| Other Revenue* | +$7,552,184 | +$8,078,010 |
| Total | +$62,252,743 | +$88,354,688 |
Note: Other Revenue consists of Sponsorship, Rights & Licenses/Merchandise, Release Fees, Development Income, ‘Other Revenue’, and Coolidge Cricket Ground (CCG), where CWI acquired an additional 32% stake (total 92% stake)
2024 World Cup Stats
- $120 million invested in stadium upgrades to prepare for the 2024 T20 World Cup
- $18.6 million generated in ticketing revenue, compared to $3 million from years before
- 2000 people involved in planning of the event
- $600,000 recorded in merchandise sale
- 53 million concurrent viewers, 1.3 billion digital view views
- 16,400 children and 687 schools/academies involved in official Schools Programme
Also Read: Top 50 Greatest West Indies Cricketers of All Time
Quotes from the 2024 CWI Annual Report
Here are some quotes from Dr. Kishore Shallow, President of Cricket West Indies and CEO of CWI, Chris Dehring on the success of the 2024 T20 World Cup.
“Beyond the boundary, we have taken significant steps to strengthen the foundation of West Indies cricket. The successful execution of the ICC Men’s T20 World Cup in the Caribbean was not just a sporting triumph but an economic milestone, generating over USD 1 billion in economic impact across the six host nations.“
“In addition, we secured a historic commercial partnership with Caribbean CAGE, a game-changing agreement worth over USD 100 million that will provide the financial stability needed to invest in our teams, infrastructure, and grassroots development.”
“After many years of our critical stakeholders calling for a measure of reform, we have also made critical strides in governance, implementing term limits and extending the presidential term to years—key steps in ensuring stability, accountability, and a long-term vision for West Indies cricket…we introduced a more data-driven selection and scouting system…“
“Among these was the unprecedented six-year media rights arrangement with ESPN Carribean,..From a financial perspective, 2024 also marked a landmark year for CWI. Our net income of $ 23 million, driven by the success of the ICC Men’s T20 World Cup, bolstered our financial position. This will help us navigate the next two years, which are expected to be leaner, and which will require continued prudent financial management.Importantly, we also paid off all institutional debt.“
Sources: Here is the CWI webpage with the last 10 years of annual reports. The year ending is September 30 for each year. So the 2024 Annual Report is between the periods of 09/30/2023 and 09/30/2024. The ‘Consolidated Financial Statements’ were used for this analysis.
Final Thoughts
Results remain below part on the field. They failed to qualify for the 2023 ODI World Cup and 2025 Champions Trophy, ranked 8/9 in both the WTC cycles, and are sitting at #9 in both women’s and men’s ODI rankings.
But off the field, the picture has changed dramatically. With a change in governance and a $67 million financial turnaround, this recovery is one of the quietest yet most significant in recent cricket history.
After weathering the 2018 collapse and the COVID years, CWI now has the financial stability to invest in its future, bolstered by a successful hosting of the 2024 T20 World Cup. With renewed focus on grassroots crickets, the foundations are finally in place.
The question now is whether the performances can catch up.
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© Copyright @Nitesh Mathur and Broken Cricket Dreams, LLC 2023. Originally published on 06/09/2025. Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear
