West Indies Cricket Board Mortgages The Future – For A Brief Moment of Glory Now…
According to a March 12, 2006 article in The Nation News, a secret memo has revealed that the West Indies Cricket Board (WICB) has an “urgent need” of US$25 million dollars to cover off an “expanding debt burden”.
The memo outlines that the WICB is seriously contemplating signing away “assets” including “an estimated US$70 million to $73 million in profit … to accrue from next year’s World Cup series…”
The article states that the financiing option of choice thus far is an offer from the Antigua-based American business tycoon, Allen Stanford, for his Stanford Group Company to “guarantee” the entire loan-for-debt package against the expected “profit” from Cricket World Cup 2007 and “other assets” of the West Indies Cricket Board.
Barbados Free Press Comments…
This would be hilarious if it weren’t such a serious matter. To talk of the West Indies Cricket Board making a “PROFIT” for Cricket World Cup 2007 is to totally ignore the hundreds of millions of dollars in public funds that are being poured into the pot throughout the Caribbean – just so a few cricket matches can be held in Barbados and neighbouring fiefdoms.
The reality is that this “loan guarantee” is actually the potential sale of the West Indies Cricket Board and all its assets including future revenues.
Barbados had better wake up soon. The brief “blip” of increased tourist traffic for Cricket World Cup is being paid for with the next decade of public revenues – Revenues that will now longer then be available for schools, health care and our rapidly deteriorating infrastructure.