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Tue, 13 Aug 2013 19:00:00 GMT | By Star Sports

Zimbabwe Cricket’s financial woes continue

Zimbabwe Cricket's financial woes have once again come to the surface after their financial statement for 2012 confirmed that the liabilities exceeded the assets by $8.36 million, and listed more than $15 million worth of loans - some of it from the International Cricket Council.

Zimbabwe Cricket’s financial woes continue

"Financially, we are not doing very well. The latest loss you will have seen from our report is that we're down about $4.2 million last year. We're carrying serious bank loans now which basically stagger us from one four-year cycle to the next," ZC chairman Peter Chingoka said on Sunday.

Although ZC was expected to make between $6 million and $8 million from the recent tour of India, Chingoka confirmed that it will incur a loss of around $1 million per tour from hosting Bangladesh, Pakistan and Sri Lanka in 2013.

Cricket in Zimbabwe is already functioning in a threadbare environment, with ZC cutting its disbursements to franchise cricket by more than 50 per cent in 2012, and expenditure on players and officials falling from $4.48 million in 2011 to $2.14 million last year.

That may be a pittance on which to run a nation of Test cricketers, but without any answers to the current financial problems, Chingoka suggested that belts may be tightened further.

"We could say, for us to avoid a problem at the bank, let's do away with junior tours, but what does that do for those kids in terms of development?" Chingoka said.

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