South Africa just won the World Test Championship. But in 2025? Not a single home Test.
That’s despite CSA’s financial reserves growing from $20.4 million in 2021 to $65 million in 2024. And they are not alone.
Several boards have seen similar financial growth in recent years, so why is Test cricket still shrinking in so many parts of the world?
Angelo Mathews stressed that teams outside of the Big 3 should play at least 10 Tests. This led me to explore three key questions:
- Have cricket boards recovered from COVID-19 losses?
- Can we measure the impact of India tours on each nation?
- Is Test cricket still financially sustainable?
After studying Zimbabwe’s $19 million turnaround that helped them afford 8 home Tests this year and West Indies’ $67 million recovery, I reviewed over 75 financial reports from all 12 Test-playing nations (2013-2025) to gauge the health of the Test ecosystem.
Here’s what I found.
Key Takeaways
- India’s $923 million in reserves is greater than the financial balance of the other 11 Test nations combined (~ $734 Million). India has been profitable in at least each of the last 10 years.
- For financially strong boards like India and England, ICC distributions make up only around 10% of their total revenue. In contrast, boards such as Zimbabwe (~85%) and others like Afghanistan, Sri Lanka, and New Zealand (each around 48%) remain heavily reliant on ICC funding.
- Some of the more surprising outcomes include Australia currently operating at a loss, and Bangladesh and Pakistan ranking unexpectedly high. On a positive note, South Africa, New Zealand, Sri Lanka, West Indies, and Zimbabwe have all recovered from COVID-era setbacks and now maintain at least some level of reserve capital.
How I Evaluated the Financial Health of Cricket Boards
To assess the financial strength of cricket boards, I reviewed the official financial statements of all 12 Full Member nations. Based on this analysis, each country is assigned a category reflecting its overall financial health.
- Financially Strong: India, Bangladesh, England, Pakistan, South Africa, New Zealand, Sri Lanka
- Stable: West Indies, Zimbabwe, Afghanistan
- Financially Vulnerable: Australia, Ireland
The classification is based primarily on each board’s most recently reported reserves, but also considers long-term trends in profitability, revenue, expenditure, and annual surplus or deficit over the past 5-10 years, wherever data was available.
In a previous analysis, I estimated that hosting a Test match can cost between $350,000-$1.4 million. This benchmark, combined with each board’s current reserves and cash flow, helps assess whether they can sustainably host Test cricket. To host 5 home Tests per year as part of a 10-Test calendar, a cricket board would need at least $1.7 to $7 million in available cashflow and reserves.
You can find the full set of financial reports and data sources I researched here: Cricket’s Annual Reports and Financial Documents from Around the World.
1. India ($922.95 Million Reserves)
Financial Health: Exceptionally Strong
10-Year Financial Trend: Reserves have nearly tripled, rising from ~$347M in 2014 to $923M in 2024.
- COVID Recovery: Fully recovered. Profit rose from just ₹70.16 crore in 2020 to to ₹1,623.09 crore by 2024.
- Can They Afford to Host Tests? Absolutely.
- ICC Income: ₹1,042.35 Cr – $115.5 million (10.7% of the 2023-24 revenue)
Bottom Line: Cricket’s financial superpower. Self-sufficient, does not really need ICC distributions.
BCCI Reserves (2014-2024)
- 2014: +₹21,162,300,000($347,207,547) @ ₹60.95 per USD
- 2015: +₹26,448,000,000 ($396,086,760) @ ₹66.79 per USD
- 2016: +₹29,913,900,000 ($442,362,121) @ ₹67.63 per USD
- 2017: +₹30,011,700,000 ($462,240,384) @ ₹64.94 per USD
- 2019: +₹39,068,800,000 ($541,484,548) @ ₹72.15 per USD
- 2020: +₹39,770,400,000 ($535,054,219) @ ₹74.31 per USD
- 2021: +₹43,295,700,000($573,604,470) @ ₹75.45 per USD
- 2022: +₹51,977,100,000 ($636,932,793) @ ₹81.62 per USD
- 2023: +₹63,657,000,000 ($743,912,465) @ ₹85.56 per USD
- 2024: +₹79,887,900,000 ($922,951,350) @ ₹86.58 per USD
*Financial year ending 31st March of the calendar year
BCCI Revenues and Expenses
Note: All figures in the table below are in ₹ Crore unless noted.
- 1 Crore INR = 10,000,000 INR = $11,524,721 USD (@ $1 USD = 86.58 INR)
| Year | Total Income (in Crore INR) | Total Expenditure (in Crore INR) | Other Gains/Charges/Taxes (in Crore INR) | Total Comprehensive Income (in Crore INR) |
| 2015 | +₹ 1548.90 | -1382.03 | +₹ 53.93 | +₹ 220.80 |
| 2016 | +₹ 1365.35 | -1253.52 | +₹ 416.74 | +₹ 528.57 |
| 2017 | +₹ 1891.55 | -1365.04 | –179.92 | +₹ 346.59 |
| 2018 | +₹ 2025.47 | -1418.29 | –597.4 | +₹ 9.78 |
| 2019 | +₹ 4017.11 | –1432.93 | -1756.1 | +₹ 827.97 |
| 2020 | +₹ 3366.11 | -2176.77 | –1119.18 | +₹ 70.16 |
| 2021 | +₹ 2658.20 | -808.06 | –1497.61 | +₹ 352.53 |
| 2022 | +₹ 4360.57 | -1668.97 | –1824.46 | +₹ 868.14 |
| 2023 | +₹ 6558.80 | -2831.56 | –3559.25 | +₹ 1167.99 |
| 2024 | +₹ 9741.71 (+$1,125,168,630) |
-1704.04 (-$196,816,817) |
-6424.58 (-$742,039,732) |
+₹ 1623.09 (+$187,467,082) |
Interesting Observations
- BCCI earned a profit of 5,761.01 Crore INR from the IPL in 2023-24. contributing to 59.14% of their total revenue. The WPL resulted in a surplus of 377.50 Crore INR.
- For the 2023 ODI World Cup, BCCI received Rs. 324.95 Crore INR, while the expenses were 276.15 Crore INR.
- The 2023-24 ICC distribution was 1042.35 Crore INR ($115,496,100).
Source: BCCI’s Annual Reports (2007-24), 2023-24 BCCI Financials, Forbes India USD to INR Conversion
2. Bangladesh ($426.92 Million Reserves)
Financial Health: Strong (on paper)
6-Year Financial Trend: Balance rose from $87M (2022) to $377M (2023), mostly via assets
- COVID Recovery: Fully recovered.
- Can They Afford to Host Tests? Yes, but long series may strain resources. They currently have $16.99 million in cash flow, which should be good enough for them to host 5 Test series in a season.
- India Tour Dependency: Low. India toured Bangladesh in 2019/20, 2022/23 (+3 ODIs), and 2024/25 for 2 Test. There was not a meaningful enough changes in the finances in India tours.
- ICC Income: $16 million (34.12% of annual revenue)
Bottom Line: Growth is real, but heavily skewed by asset gains. Still reliant on consistent tours and ICC support.
BCB Reserves (2018-2023)
- 2018: + 6,885,133,696 BDT ($82.21 Million) – @ 83.75 BDT per USD
- 2019: + 7,774,828,364 BDT ($91.99 Million) – @ 84.51 BDT per USD
- 2020: + 8,326,887,010 BDT ($98.15 Million) – @ 84.84 BDT per USD
- 2021: + 9,009,689,379 BDT ($106.22 Million) – @ 84.82 BDT per USD
- 2022: + 9,116,824,947 BDT ($98.16 Million) – @ 92.88 BDT per USD
- 2023: + 46,205,040,900 BDT ($426.92 Million) – @ 108.23 BDT per USD
2023 Cash Flow: BDT 1,839,136,731 ($16.99 Million)
BCB Revenues and Expenses
*Year ending 30 June, 2023
| Year | Revenues (In BDT) | Operating Cost (in BDT) | Other Gains/Charges* (in BDT) | Total Comprehensive Income (in BDT) |
| 2018 | +2,145,021,227 | –1,909,790,651 | -28,248,440 | +206,982,136 |
| 2019 | +3,084,881,630 | –2,220,003,251 | +0 | +864,878,380 |
| 2020 | +3,328,258,064 | -2,799,124,578 | +0 | +529,134,026 |
| 2022* | +3,287,088,370 | -3,179,952,802 | +0 | +107,135,568 |
| 2023 | +5,075,774,460 (+$46,898,036) |
-3,558,910,848 (-$32,882,850) |
+35,550,460,868 (+$328,471,412) |
+37,067,324,480 (+$342,486,598) |
*Note: BCB had 2017-20 annual report and 2022-23 but not one for 2020-21 period.
Additional Notes:
- The gain of assets took BCB’s balance from 10,654,580,032 BDT ($87 Million) to 46,205,040,900 BDT ($377.31 Million).
Quote from Annual Report
“The BCB finances have been boosted by proactive steps taken by the Board since 2017. This is evident in the figures. In the six years between 2011 and 2016 the Board had earned US $33.32 million in media, team sponsor and other rights while in just three years from 2017 to 2020, the BCB’s earnings stood at approximately US $29 million from the same sources.
Source: BCB Annual Reports (2018-23), USD to BDT 10-Year Conversion
3. England ($69.29 Million Reserves)
Financial Health: Exceptionally Strong
10-Year Financial Trend: Reserves grew from a low of $2.2 million (2021) to $69.29 million (2025), but incurred a small operating loss for the 2024-25 financial year.
- COVID Recovery: Fully recovered. Suffered a loss of £14.875 million in 2020. They then had three consecutive years of profits between 2022-2024.
- Can They Afford to Host Tests? Enough reserves and cash flow to host marquee Test series.
- India Tour Dependency: Moderate. Can survive without India and Ashes for a couple of seasons, but because of their high administrative expenses, they need these tours often. 2019 (Ashes + WC), 2023 (Ashes), and 2022 (India tour) all resulted in profits.
- ICC Income: $41.33 Million (10.35% of annual revenue)
Bottom Line: Large revenues but also large administrative expenses. Ashes and India tours drive profitability.
ECB Reserves (2015-2025)
- 2015: +£ 70,039,000 ($111.17 Million) – @ £0.63 per USD
- 2016: +£ 73,106,000 ($104.44 Million) – @ £0.70 per USD
- 2017: +£ 35,747,000 ($44.68 Million) – @ £0.80 per USD
- 2018: +£ 8,580,000 ($12.08 Million) – @ £0.71 per USD
- 2019: +£ 11,248,000 ($14.80 Million) – @ £0.76 per USD
- 2020: +£ 17,097,000 ($22.20 Million) – @ £0.77 per USD
- 2021: +£ 2,222,000 ($3.04 Million) – @ £0.73 per USD
- 2022: +£ 22,973,000 ($30.63 Million) – @ £0.75 per USD
- 2023: +£ 35,392,000 ($43.69 Million) – @ £0.81 per USD
- 2024: +£ 58,246,000 ($73.73 Million) – @ £0.79 per USD
- 2025: +£ 55,431,000 ($69.29 Million) – @ £0.80 per USD
2025 Cash Flow: £263,343,000 ($329.18 Million)
*Even though there is a great deal of cash at hand, the amounts falling due within one year to creditors is £258,225,000.
ECB Turnover and Expenses
*Year Ended 31 January, 2025
| Year | Turnover | Administrative Expenses | Other Gains/Charges* | Total Comprehensive Income |
| 2016 | +£133,967,000 | –£114,186,000 | –£16,714,000 | +£3,067,000 |
| 2017 | +£118,886,000 | –£137,166,000 | –£19,079,000 | -£37,359,000 |
| 2018 | +£125,465,000 | –£137,761,000 | –£14,871,000 | –£27,167,000 |
| 2019 | +£172,319,000 | –£142,376,000 | –£27,275,000 | +£2,668,000 |
| 2020 | +£227,993,000 | -£164,182,000 | –£57,962,000 | +£5,849,000 |
| 2021 | +£207,112,000 | -£191,097,000 | –£30,890,000 | –£14,875,000 |
| 2022 | +£302,504,000 | –£226,171,000 | –£55,582,000 | +£20,751,000 |
| 2023 | +£334,019,000 | –£248,676,000 | –£72,924,000 | +£12,419,000 |
| 2024 | +£336,066,000 | –£248,540,000 | –£64,672,000 | +£22,854,000 |
| 2025 | +£319,558,000 (+$399,447,500) |
–£259,305,000 (-$324,131,250) |
–£63,068,000 (-$78,835,000) |
–£2,815,000 (-$3,518,750) |
*Other gains and charges include Cost of Sales, other operating income, tax on profit, and effective portion of changes in fair value of cash flow hedges.
Quote from Annual Reports
“In 2017, ECB continued with high levels of contributions to our cricket network and stakeholders. A special fee distribution of +£1.3m was paid to each First Class County in each 2016 or 2017, relating to the 2018 home India series broadcast revenue. A further special distribution of +£1m is scheduled to be paid to each First Class County in either 2018 or 2019, relating to Cricket World Cup 2019 revenue. These previously unprecedented contributions, coupled with continued significant investment in strategic Participation and Growth initiatives, including the expansion of our first nationwide entry-level programme, resulted in a loss for the financial year of – £ 30.2 m (2016: – £ 37.3m).”
“Cricket was always going to face a difficult challenge to compete for engagement in 2024. While England Men hosted West Indies and Sri Lanka in a non-Ashes year, a blockbuster sporting summer saw both the Paris Olympics and the men’s football Euros taking place in the same time zone. This was not helped further by poor weather, particularly in the first half of the summer. Despite this, attendance of 2.84m represented our best ever attendance for a non-Ashes or India year. The recreational game saw record highs in terms of participation, driven by an increase of around 10 per cent in women’s and girls’ sections and teams.
Source: ECB Annual Reports (2016-25), USD to GBP 10-Year Conversion
4. Pakistan ($71.83 Million Reserves)
Financial Health: Stable
10-Year Financial Trend: Surplus increased from $65 million (2015) to $71.83M (2023).
- COVID Recovery: Fully recovered. Had a slight loss in 2021 ($2.9 million loss), but have been above water year after year otherwise.
- Can They Afford to Host Tests? Yes. $62 million of cash in hand, annual profit of $10.9 million last year. Can definitely host a few 3 to 4-match Test series
- India Tour Dependency: None. PCB are surviving even without India tours (Indirectly though, the ICC pool grows due to India-Pakistan ICC matches, which increases the amount that ICC pays each board).
- ICC Income: $16 million (27.93% of annual revenue)
Bottom Line: Financially solid with recent home series in Pakistan. However, despite nominal growth in reserves, the sharp devaluation of the Pakistan Rupee from 104 PKR per USD in 2017 to 286 in 2023 has significantly eroded the real value of those gains.
PCB Reserves
- 2015: + 6,694,788,996 PKR ($65,748,316) – @ 101.8 PKR per USD
- 2016: + 8,283,173,629 PKR ($79,058,370) – @ 104.77 PKR per USD
- 2017: + 8,434,024,058 PKR ($80,447,198) – @ 104.83 PKR per USD
- 2018: + 8,283,173,629 PKR ($68,040,457) – @ 121.73 PKR per USD
- 2019: + 13,263,657,218 PKR ($84,237,003) – @ 157.47 PKR per USD
- 2020: + 17,099,164,322 PKR ($102,077,260) – @ 167.50 PKR per USD
- 2021: + 16,262,237,513 PKR ($103,189,088) – @ 157.61 PKR per USD
- 2022: + 17,304,552,163 PKR ($83,804,720) – @ 206.50 PKR per USD
- 2023: + 20,393,054,686 PKR ($71,829,749) – @ 286.62 PKR per USD
2023 Cash Flow: PKR 17,978,488,170 ($62,696,229)
PCB Revenues and Expenses
*Year ended June 30, 2023
| Year | Revenues (in PKR) | Operating Cost (in PKR) | Other Gains/Charges* (in PKR) | Total Comprehensive Income (in PKR) |
| 2016 | +4,143,841,297 | –3,299,320,243 | +691,161,695 | +1,535,682,749 |
| 2017 | +4,373,244,912 | –4,034,088,153 | –135,604,446 | +203,552,313 |
| 2018 | +5,131,003,966 | -5,136,332,519 | -145,521,876 | –150,850,429 |
| 2019 | +11,248,251,959 | –5,907,837,843 | –359,930,527 | +4,980,483,589 |
| 2020 | +9,334,821,085 | –5,030,821,564 | –468,492,417 | +3,835,507,104 |
| 2021 | +6,330,842,117 | -7,086,927,287 | –1,258,277,393 | –835,926,809 |
| 2022 | +9,033,872,425 | -7,599,150,590 | –393,407,185 | +1,041,314,650 |
| 2023 | +16,424,122,531 (+$57,293,595) |
-12,450,222,610 (-$43,446,377) |
–885,478,598 (-3,089,210) |
+3,088,502,523 (+$10,934,428) |
“During this period, PCB hosted England twice after 17 years for two memorable series. Similarly, New Zealand also toured Pakistan twice for the red and white-ball series, and our teams toured Sri Lanka, the Netherland, Sharjah and participated in ICC Men’s T20 World Cup in Australia….In conclusion, PCB’s financial health continues to strengthen with cash reserves reaching its highest level ever.“
Source: PCB Financial Statements (2016-23), USD to PKR 10 Year Conversion
5. South Africa ($63.83 Million Reserves)
Financial Health: Recovering
10-Year Financial Trend: Pre-Covid, CSA’s reserve went as high as $85.68 million, but 5 loss-making years between 2017-23 dropped their reserves to $20.02 million. A strong 2024 saw them bounce back to $63.83 million.
- COVID Recovery: Fully recovered.
- Can They Afford to Host Tests? Yes, +$50.97 million cash flow at the end of 2024 financial year.
- India Tour Dependency: Very High. India’s 2023/24 tour (2 Tests, 3 ODIs, 3 T20Is) was a massive boost to CSA’s revenues.
- ICC Income: R567 million – $30.58 million (37.88%)
Bottom Line: CSA now has both the surplus and cash flow to support Test cricket.
Why are the World Test Champions not hosting Tests in 2025?
South Africa will be going through stadium upgrades as they prepare to host the 2027 ODI Cricket World Cup. Hence, they will not be hosting a home Test, especially the esteemed Boxing Day Test.
In 2026-27, home Tests will be back for South Africa: 3 Tests vs Australia and England and 2 Tests vs Bangladesh. Women Tests vs Australia and India.
Also Read: Thank you, Temba: An Open Letter to South Africa’s WTC Winning Class of 2025
CSA Reserves (2013-2024)
Stability does not guarantee anything
In the last 10 years, the Rand has gone from $1 USD = R. 9.65 to $1 USD ~ 18 R.
- 2013: +R400,011,000 (+$37.96 Million) – @ R10.54 per USD
- 2014: +R599,421,000 (+$53.95 Million) – @ R11.11 per USD
- 2015: +R707,095,000 (+$57.72 Million) – @ R12.25 per USD
- 2016: +R814,254,000 (+$57.07 Million) – @ R14.27 per USD
- 2017: +R655,444,000 (+$49.07 Million) – @ R13.35 per USD
- 2018: +R1,056,445,000 (+$85.68 Million) – @ R12.33 per USD
- 2019: +R856,430,000 (+$59.26 Million) – @ R14.45 per USD
- 2020: +R906,692,000 (+$48.33 Million) – @ R18.76 per USD
- 2021: +R685,669,000 (+$47.72 Million) – @ R14.37 per USD
- 2022: +R487,795,000 (+$30.87 Million) – @ R15.80 per USD
- 2023: +R368,406,000 (+$20.02 Million) – @ R18.40 per USD
- 2024: +R1,183,262,000 (+$63.83 Million) – @ R18.54 per USD
2024 Cash Flow: R 945,008,000 ($50.97 Million)
CSA Revenues and Expenses
*Year ending April 30, 2024
| Year | Revenues | Operating Cost | Other Gains/Charges* | Total Comprehensive Income |
| 2015 | +R765,600,000 | -R695,476,000 | +R37,550,000 | +R 107,674,000 |
| 2016 | +R822,926,000 | -R777,047,000 | +R61,280,000 | +R 107,159,000 |
| 2017 | +R674,935,000 | -R910,392,000 | +R76,647,000 | -R 158,810,000 |
| 2018 | +R1,526,393,000 | -R1,219,049,000 | +R42,655,000 | +R 349,999,000 |
| 2019 | +R929,492,000 | -R1,215,801,000 | +R86,294,000 | -R 200,015,000 |
| 2020 | +R1,074,063,000 | -R1,193,672,000 | +R169,871,000 | +R50,262,000 |
| 2021 | +R512,438,000 | -R732,362,000 | -R1,099,000 | -R 221,023,000 |
| 2022 | +R778,353,000 | -R996,624,000 | +R19,397,000 | -R 197,874,000 |
| 2023 | +R700,240,000 | -R904,441,000 | +R84,812,000 | -R 119,389,000 |
| 2024 | +R1,888,455,000 (+$101,860,909) |
-R1,158,812,000 (-$62,480,037) |
-R85,213,000 (-$4,596,438) |
+R 814,856,000 (+$43,943,740) |
- Other gains/charges includes investment income, net foreign exchange gains, fair value adjustments, share of loss from associate, share of profit from joint venture, and impairment of investment in associate
Quotes from Annual Reports
“We realised a 170% increase in revenue, reaching R1.89 billion. This increase was anchored by the inbound tour by India, and supported by several initiatives, including the successful hosting of the ICC U19 World Cup 2024.”
“Our financial stability has been reinforced with a net cash
inflow of R810 million from operating activities and other
strategic investments, including in African Cricket
Development, the company behind the SA20 product.
…The outcome was a profit before tax of R815 million, reversing the previous year’s loss.”
“I am pleased to present a strong financial performance for the year ending 30 April 2024. The results reflect revenue of R1.89 billion and net profit of R815 million, exceeding expectations and putting CSA in a healthy financial position for the balance of our four-year financial cycle and beyond.”
Source: CSA Integrated Reports (2015-2024), USD to ZAR 10-Year Conversion, 2024 ESPNCricinfo Report
6. Sri Lanka ($46.30 Million Reserves)
Financial Health: Stable, but inconsistent.
6-Year Financial Trend: Suffered losses in 2019 and 2023, but were in the green between 2020-2022;.
- COVID Recovery: Recovered.
- Can They Afford to Host Tests? Yes. Enough cash flow and reserves to host at least 5 Tests per year.
- India Tour Dependency: High. India visited in 2021 and 2024. Australia toured in 2022, which was their best year financially.
- ICC Income: 5,852,250,000 LKR – $18.07 Million (48.12% of annual revenue)
Bottom Line: Dependent on ICC income, but stable reserves. Revenues and expenses are both growing, keeping them at a decent spot.
SLC Reserves (2018-2023)
- 2018: + 7,063,297,362 LKR ($38.74 Million) – @ 182.34 per USD
- 2019: + 5,835,241,628 LKR ($32.15 Million) – @ 181.44 per USD
- 2020: + 8,544,694,490 LKR (46.06 Million) – @ 185.51 per USD
- 2021: + 11,023,299,688 LKR (54.34 Million) – @ 202.92 per USD
- 2022: + 17,070,810,213 LKR (46.70 Million) – @ 365.60 per USD
- 2023: + 14,997,246,851 LKR ($46.30 Million) – @ 323.92 per USD
2023 Cash Flow: 5,574,578,012 LKR ($17.21 Million)
SLC Revenues and Expenses
*31st December, 2023
| Year | Revenues (in LKR) | Operating Cost (in LKR) | Other Gains/Charges* (in LKR) | Total Comprehensive Income (in LKR) |
| 2019 | +4,485,129,975 | -4,955,574,735 | -757,610,974 | –1,228,055,734 |
| 2020 | +4,184,225,780 | -4,395,460,733 | +2,920,687,816 | +2,709,452,863 |
| 2021 | +7,994,291,865 | -5,883,380,298 | +367,693,630 | +2,478,605,197 |
| 2022* | +11,526,331,391 | -10,737,591,611 | +5,258,770,745 | +6,047,510,525 |
| 2023 | +12,164,257,790 (+$37,545,308) |
-12,073,908,748 (-$37,281,369) |
-2,163,912,404 (-$6,678,883) |
-2,073,563,362 (-$6,403,044) |
Quotes from Annual Reports
“Sri Lanka Cricket has stepped into 2024 with financial flexibility, a healthy balance sheet and bottom line, while having remained steadfast in our commitment to the development of the sport locally and in the international arena. In 2023, SLC has committed operational expenditure of 4.3 billion rupees towards international cricket and 2.8 billion rupees towards domestic cricket, providing vital funding to ensure that both structures have the best opportunities to achieve success.”
“The financial results in 2023 yet again demonstrates Sri Lanka Cricket’s prudent management of finances, as we made a revenue of 1,959 million (includes Participation Fee Income-Inbound from ACC, Participation Fee Income-Outbound from ACC, Sponsorships, Ground Hiring Income from Pakistan Cricket Board, Development Grant from ACC), positioning us strongly to invest in cricket and ensure its future growth.”
Source: SLC Annual Reports, USD to LKR 10-Year Conversion
7. West Indies ($22.64 Million Reserves)
Financial Health: Improving
6-Year Financial Trend: Recovered from –$20.7M (2021) to +$46.2M (2024)
- COVID Recovery: Fully recovered. From a $21 million deficit in 2021 to $46 million in 2024, an astounding recovery.
- Can They Afford to Host Tests? Yes, cash flow of $17.47 million ensures they can hosts at least 5 Tests.
- India Tour Dependency: Very high. India visited in 2019 and both India/England visited in 2022. The 2024 CWC also boosted WI’s finances.
- ICC Income: $17 million (19.24% of 2024 annual revenue)
Bottom Line: One of cricket’s great financial turnarounds. Now needs to build long-term sustainability.
- 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)
2024 Cash Flow: $17,467,231
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 |
Sources: West Indies Financial Reports (2020-24)
8. New Zealand ($20.77 Million Reserves)
Financial Health: Modest
10-Year Financial Trend: Reserves balanced between $10-20 million since 2016, with minor dip in 2022.
- COVID Recovery: Recovered. 4 out of 5 years in the green from 2020-24.
- Can They Afford to Host Tests? Yes, but usually break-even or slight loss.
- India Tour Dependency: Very high. India toured NZ in 2019/20 and 2022/23 (England also visited), both high profit years for NZC. Australia visited in 2024, which was also a profitable year.
- ICC Income: 28.38 Million (48.45% of 2024 revenue)
Bottom Line: Well-run but tight margins. Financial health depends on India or ICC deals.
NZC Reserves (2016-2024)
- 2013: + $ 7,077,531 NZD ($5.44 Million USD) @ $1.30 NZD per USD
- 2016: + $32,628,000 NZD ($23.47 Million USD) @ $1.39 NZD per USD
- 2017: + $26,043,000 NZD (19.29 Million USD) @ $1.35 NZD per USD
- 2018: + $17,879,000 NZD ($12.16 Million USD) @ $1.47 NZD per USD
- 2019: + $15,149,000 NZD ($10.10 Million USD) @ $1.50 NZD per USD
- 2020: + $19,829,000 NZD ($13.13 Million USD) @ $1.51 NZD per USD
- 2021: + $20,384,000 NZD ($14.26 Million USD) @ $1.43 NZD per USD
- 2022: + $13,653,000 NZD ($8.59 Million USD) @ $1.59 NZD per USD
- 2023: + $29,205,000 NZD ($18.03 Million USD) @ $1.62 NZD per USD
- 2024: + $34,817,000 NZD ($20,766,432 USD) – @ $1.68 NZD per USD
2024 Cash Flow: $33,881,000 NZD ($20.17 Million USD)
NZC Revenue and Expense
Balance as of 31 July, 2024
| Year | Revenue (in $ NZD) | Operating Cost (in NZD) | Other Gains/Charges* (in NZD) | Total Comprehensive Income (in NZD) |
| 2017 | +$48,709,000 | –$41,757,000 | -$13,537,000 | –$6,585,000 |
| 2018 | +$55,442,000 | –$42,231,000 | -$21,375,000 | –$8,164,000 |
| 2019* | +$59,400,000 | -$60,700,000 | +$0 | –$1,300,000 |
| 2020 | +$60,610,000 | –$40,734,000 | -$15,196,000 | +$4,680,000 |
| 2021 | +$62,518,000 | –$43,509,000 | –$18,454,000 | +$555,000 |
| 2022 | +$66,401,000 | -$46,496,000 | -$26,636,000 | -$6,731,000 |
| 2023 | +$97,064,000 | -$63,067,000 | -$18,445,000 | +$15,552,000 |
| 2024 | +$98,402,000 (+$58,572,619 USD) |
-$64,136,000 (-$38,176,190 USD) |
-$28,654,000 (-$17,055,952 USD) |
$5,612,000 (+$3,340,476 USD) |
*2019 Annual Report was not available, so the estimate is based on the 2017-18 and the 2020-21 reports (The -$60,700,000 includes both operating cost/other charges).
Quotes from Annual Report
“As our positive 2023-24 fiscal result shows, NZC is in a sound financial position, something of major importance to our Major Associations given our top-down funding model. Our long-term forecast warns of some head winds, and we have taken steps to ensure we will be best placed to navigate what is currently a volatile global cricket environment.”
“This is a plan that strives to safeguard the financial and commercial sustainability of NZC for the benefit of all, placing high amongst its priorities the need to invest and grow our commercial foothold in South Asia, to operate in an environmentally sustainable fashion, and to build strong partnerships with our broadcast partners at home and in India. The bottom line is that we all depend on each other to survive and flourish.”
“Revenue from broadcast, sponsorships, and ticketing all delivered year-on-year growth as new partnerships were formed, both domestically and offshore, including the marquee and offshore, including the marquee deal reached with Sony as our broadcast partner in the India sub-continent from 2024-2031.”
Source: NZC Annual Reports (2017-24), 2019 SportsPro, NZC Job Losses in Covid-19, USD to NZD 10-Year Conversion
9. Zimbabwe ($10.8 Million Reserves)
Financial Health: Rebounding
6-Year Financial Trend: Recovered from –$18.9M (2017) to +$10.8M (2022)
- COVID Recovery: Recovered.
- Can They Afford to Host Tests? Yes. They are hosting 8 Tests this year, but need to be cautious. They have plenty in reserves, but cash flow tends to be low.
- India Tour Dependency: Very high. India visited Zimbabwe for 3 ODIs in 2022, which corresponds to the largest revenue they had in the six-year period. Hosting ICC Qualifiers also gives them a boost.
- ICC Income: $13.5 Million (85.29% of 2022 Revenue)
Bottom Line: Quiet financial rebuild. Still ICC-reliant, but out of crisis.
ZC Reserves (2017-2022)
- 2017: -$18,900,427
- 2018: -$14,182,531
- 2019: +$3,307,548
- 2020: +$1,568,441
- 2021: +1,293,742
- 2022: +$11,979,997
2022 Cash Flow: $560,448
ZC Revenue and Expenses
| Year | Revenues | Operating Cost | Other Gains/Charges* | Total Comprehensive Incomes |
| 2018 | +$14,167,700 | -$13,502,975 | +$4,053,171 | +$4,717,896 |
| 2019 | +$11,905,334 | -$7,174,817 | +$12,759,562 | +$17,490,079 |
| 2020 | +$5,520,442 | -$6,940,391 | +$214,183 | -$1,205,766 |
| 2021 | +$9,318,149 | -$9,651,008 | +$58,160 | -$274,699 |
| 2022 | +$15,829,422 | -$12,118,204 | +$6,975,037 | +$10,686,255 |
Sources: ZC Annual Reports (2018-22)
10. Afghanistan ($5.25 Million Reserves)
Financial Health: Fragile
10-Year Financial Trend: Flat but steady. Modes surplus maintained since 2020.
- COVID Recovery: Recovered, but hindered by sanctions.
- Can They Afford to Host Tests? Not realistically, neutral venues inflate costs
- India Tour Dependency: Moderate. While India doesn’t play Afghanistan often, it has played an indirect role in Afghanistan’s development with IPL contracts and home stadiums in Dehradun and Lucknow.
- ICC Income: $4.75 Million (48% of revenue). This will rise to about $16.82 million in the 2024-27 cycle.
ACB Reserves (2017-2022)
Bottom Line: Surviving via ICC support. Lack of a home base continues to hurt.
- 2017: +1,902,994
- 2018: +$538,841
- 2019: +$1,550,462
- 2020: +$1,940,462
- 2021: +$2,180,462
- 2022: +$5,250,462
ACB Revenues and Expenses
| Year | Revenues | Operating Cost | Total Comprehensive Income |
| 2018 | +$10,849,111 | –$12,213,264 | – $1,364,153 |
| 2019 | +$13,121,708 | –$12,110,087 | +$1,011,621 |
| 2020 | +$7,150,000 | –$6,760,000 | +$390,000 |
| 2021 | +$6,170,000 | –$6,410,000 | +$240,000 |
| 2022 | +$9,920,000 | -$6,850,000 | +$3,070,000 |
Additional Notes
- ACB is investing heavily in developing domestic cricket stadiums, namely (1) Kabul International Cricket Stadium, (2) Logar Cricket Ground, (3) Najibullah Tarakai International Cricket Ground, (4) Paktika Cricket Ground, (5) Wardak Cricket Ground, and (6) Balk Cricket Ground. Budget for each ground ranges from $1-5 million.
Quotes from Annual Reports
“Hosting bilateral series and other tournaments is a significant challenge for Afghanistan…has had to host all of its ‘home’ games in neutral countries such as the United Arab Emirates, India, or Qatar. This has resulted in increased expenses for the ACB, as it has to host both the Afghanistan team and the visiting team at the same time, which incurred higher costs for logistical arrangements and accommodation of both teams.”
“The recent political changes in the country have made it more challenging to transfer money into Afghanistan due to imposed international sanctions. This has caused difficulties for the Afghanistan Cricket Board (ACB) as most of its income comes from ICC distributions, the payments made twice a year. However, the ACB’s leadership and finance team have been working closely with the ICC to find alternative ways to transfer funds into the country to support the organization overcome this issue in the long term.”
“During 2018, ACB hosted Zimbabwe and Bangladesh in February and June, respectively. The forecasted revenue for each series was forecasted at USD 400k.”
Source: ACB Annual Reports
11. Australia ($234,224 Deficit)
Financial Health: Negative Reserves, but Expected to Rebound
10-Year Financial Trend: Cricket Australia slipped from $111.03 Million USD reserves in 2016 to a $234K deficit in 2024. Six of the last 10 years have resulted in losses. Massive profits from the 2015 World Cup year has been keeping them afloat.
- COVID Recovery: Still incomplete.
- Can They Afford to Host Tests? Yes, but high operating costs make financial planning critical.
- India Tour Dependency: High. CA posted profits in 2019 and 2021 with record revenue numbers.
- ICC Income: $37.53 Million (13.86% of 2024 annual revenue)
Bottom Line: CA currently has negative reserves, but cash on hand ($25.7 M AUD), access to $50 M in secured funding. The recently concluded BGT and upcoming Ashes in 2025-26 will put them in a position to bounce back over the next two years.
CA Reserves (2013-2024)
- 2013: +$8,147,220 AUD ($7.47 Million USD) – @ $1.09 AUD per USD
- 2014: +$26,676,000 AUD ($25.17 Million USD) – @ $1.06 AUD per USD
- 2015: +$114,168,000 AUD ($88.52 Million USD) – @ $1.29 AUD per USD
- 2016: +$149,895,000 AUD ($111.03 Million USD) – @ $1.35 AUD per USD
- 2017: +$98,600,000 AUD ($75.27 Million USD) – @ $1.31 AUD per USD
- 2018: +$87,841,000 AUD ($65.07 Million USD) – @ $1.35 AUD per USD
- 2019: +$97,743,000 AUD ($65.07 Million USD) – @ $1.43 AUD per USD
- 2020: +$54,588,000 AUD ($37.39 Million USD) – @ $1.46 AUD per USD
- 2021: +$59,450,000 AUD ($45.05 Million USD) – @ $1.32 AUD per USD
- 2022: +$48,795,000 AUD ($33.18 Million USD) – @ $1.47 AUD per USD
- 2023: +$31,901,000 AUD ($21.27 Million USD) – @ $1.50 AUD per USD
- 2024: -$363,000 AUD (-$234,224 USD) – @ $1.50 AUD per USD
2024 Cash Flow: $25,621,000 AUD ($17.09 Million USD)
Cricket Australia might have low reserves, but their total assets total $96,589,000 AUD ($64.39 Million USD)
CA Revenues and Expenses
*Year ending 30 June, 2024
| Year | Revenues (in AUD) | Operating Cost (in AUD) | Other Gains/Charges* (in AUD) | Total Comprehensive Income (in AUD) |
| 2014 | +$295,897,820 | -$193,784,041 | -$82,585,431 | +$18,528,348 |
| 2015 | +$380,875,000 | -$227,259,000 | -$66,124,000 | +$87,492,000 |
| 2016 | +$339,787,000 | -$223,826,000 | -$80,234,000 | +$35,727,000 |
| 2017 | +$313,005,000 | -$251,582,000 | -$112,718,000 | –$51,295,000 |
| 2018* | +$399,265,000 | –$272,077,000 | -$137,947,000 | –$10,759,000 |
| 2019 | +$485,901,000 | -$340,201,000 | -$135,798,000 | +$9,902,000 |
| 2020* | +$390,098,000 | –$305,474,000 | -$127,779,000 | –$43,155,000 |
| 2021 | +$405,350,000 | -$302,350,000 | –$98,138,000 | +$4,862,000 |
| 2022 | +$391,004,000 | -283,439,000 | -$118,220,000 | –$10,655,000 |
| 2023 | +$426,643,000 | -$324,192,000 | -$119,345,000 | -$16,894,000 |
| 2024 | +$406,245,000 (+$270,830,000 USD) |
-$318,036,000 (-$212,024,000 USD) |
-$120,473,000 (-$80,315,000 USD) |
–$32,264,000 (-$21,509,000) |
*’Member Funding’ and ‘Strategic Funding’ contribute to the other gains
Additional Notes:
- Player salaries alone cost $121.4M AUD in 2024, underlining the board’s heavy expenditure base.
- CA’s share of the 2015 World Cup host profit added $51M AUD to its earnings that year.
Quotes from Annual Reports
“The net result of operations for the year ended 30 June 2017, after distributions to State Associations of $112,242,699 (2016:$106,259,550) was a net loss of $50,802,002 (2016: surplus $9,701,628). The reduction in net result for the year ended 30 June 2017 was in line with Management and budgetary expectations and the Long Range Plan (LRP) four year planning cycle projections.”
“As we know, CA is currently at a low-point in its four-year cycle. Despite this, the first year of the new player agreement has resulted in a 7% uplift in player payments, and the extension of funding agreements with members included a 3.5% uplift this year. The net deficit for the current year, after funding to members, is $31.9M, a further $14.7M down to the previous year. Considering the content-driven $18.2M year-on-year revenue decrease, this result was anticipated and highlights the emphasis on managing costs and driving revenue through business transformation initiatives. CA depleted its reserves through the impacts of COVID, which in aggregate cost around $100m. Despite this, CA has cash and deposits of $25.7m, with a further $50m in funding available though a secured banking facility and is forecast to rebuild reserves through upcoming seasons hosting India and England.
Source: Cricket Australia Annual Reports (2005-25), USD to AUD 10-year conversion, The Guardian Report
12. Ireland ($3.5 Million Deficit)
Financial Health: At-risk
7-Year Financial Trend: After modest reserves between 2019-2021, Cricket Ireland’s financial reserves have fallen to $3.15 million deficit in 2023. That year marked a critical transition point, with signs of stability ahead.
- COVID Recovery: Not yet complete.
- Can They Afford to Host Tests? Not currently. Their cash in hand has dropped from €1,336,4995 to €434,185 between 2022 and 2023. Hosting even a single Test would leave virtually no liquidity.
- India Tour Dependency: High. Indias’s T20I visits (2 each in 2018 & 2022 and 3 T20Is in 2023) lead to noticeable revenue spikes, but also increased costs. Even an England tour could ease the pressure.
- ICC Income: $4.75 Million in 2023 (40.36% of annual revenue). Under the 2024-27 ICC distribution model, Ireland is projected to earn $18.04 million offering a welcome financial cushion.
Bottom Line: Ireland remains heavily dependent on ICC funding, and current financial fragility limits its ability to invest ambitiously in the short term.
Cricket Ireland Reserves (2018-2023)
- 2017: +€216,817 (+199,472) – @ € 0.92 per USD
- 2018: +€13,470 (+$11,710.2) – @ € 0.87 per USD
- 2019: +€3,673 ($3,306) – @ € 0.90 per USD
- 2020: +€1,541,035 (+$1,263,648) – @ € 0.82 per USD
- 2021: +€310,166 (+$272,946) – @ € 0.88 per USD
- 2022: +€133,982 (+$125,943) – @ € 0.94 per USD
- 2023: -€3,464,422 (-$3,152,624) – @ € 0.91 per USD
2023 Cash In Bank and in Hand: € 434,185
Cricket Ireland Revenues and Expenses
The financial end for Cricket Ireland year is 31 December.
| Year | Income | Expenses | Total Retained Earnings |
| 2018 | +€9,708,177 | – €9,911524 | -€203,347 |
| 2019 | +€10,624,514 | – €10,634,311 | -€9,797 |
| 2020 | +€7,934,398 | – €6,397,036 | +€1,537,362 |
| 2021 | +€9,739,048 | – €10,969,917 | -€1,230,869 |
| 2022 | +€13,103,793 | – €13,279,977 | -€176,184 |
| 2023 | +€10,211,129 (+$11,769,397) |
-€13,809,533 (-$15,916,935) |
-€3,598,404 (-$4,147,538) |
*expenses include both direct and administrative expense and Income includes both ‘income’ and ‘other operating income.’
Quotes from Annual Report
“2023 was a challenging, but ultimately successful year – both on- and off-the-field…Covid was still a real and present threat when this Strategic Plan was developed and the uncertainty of the time saw an ambitious but measured document…However, as we enter a new phase in our development as a cricket nation, we will see an uplift in our ICC distribution over the period, and anticipate our allocation to be approximately US$70M, albeit weighted to the backend where around 40% of these funds will be paid in 2027….2023 will be a year to remember for many – and it will hopefully be seen in time as a seminal year for Irish cricket.”
Source: Cricket Ireland Annual Reports, Euro to USD 10-Year Conversion
No More Excuses: It’s Time to Schedule the Tests
I can understand why South Africa, Sri Lanka, and New Zealand did not host many Tests in recent years.
COVID-19 losses, funding issues, and player availability made things complicated. But now? These boards have rebuilt their reserves. ICC distributions are growing, and India tours bring massive broadcast revenue.
Countries like Ireland and Afghanistan still cannot afford to host a single Test. Australia, despite paying its players among the highest salaries in the game, hasn’t turned a profit in years. India sits at the economic center of world cricket, and it is doing its part.
The money now exists for countries outside the Big 3.
The onus is now on every board to give Test cricket the calendar space it deserves.
****
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