Cricket West Indies expects losses of US$26m this year

Cricket West Indies (CWI) management expects the organisation to incur a further loss of US$26 million this year before returning to profit in 2027, as the body grapples with the financial consequences of a lean tournament cycle and a men’s team that won just one of 10 Test matches in 2025.

The forecast was disclosed in the organisation’s audited financial statements, signed off by auditors Grant Thornton in February. It underscores the financial fragility of the body responsible for administering domestic and international cricket across the Caribbean region.

“The remaining two years of the cycle are forecasted to generate a net loss of approximately US$26 million in 2026 and a net profit of approximately US$8 million in 2027, reflecting the cyclical nature of international cricket revenues and expenditure patterns,” the report stated. “The projected funding gap over this period is expected to be met through a combination of loan financing from the International Cricket Council and commercial banking credit facilities.”

CWI views its finances through a four-year cycle tied to the scheduling of ICC World Cup tournaments, which drive significant spikes in hosting fees, ticketing, and media rights. In off-cycle years, revenues fall sharply while operating costs remain largely fixed.

The West Indies men’s team played 10 Test matches in 2025 – two against Pakistan, three against Australia, two against India, and three against New Zealand – winning one against Pakistan, drawing one with New Zealand, and losing eight, according to the annual report. The body contextulised the results as being the first away win for the West Indies against Pakistan in 35 years, and the first draw with New Zealand in 12 years.

“While our on-field consistency in both our men and women’s senior teams continue to disappoint, periodic flashes of brilliance, especially by some of our younger and age-group cricketers, remind the world of our undeniable potency,” noted CEO Chris Dehring, who rejoined the organisation during the year after leading the region’s hosting of the 2007 ICC Cricket World Cup.

Dehring outlined three priorities for the rebuild: attracting elite athletes earlier in their development, re-engineering tournament and administrative structures to reduce costs, and establishing high-performance centres equipped with modern facilities. “The major task at hand is to revamp our production pipeline to make it fit for purpose in the modern paradigm. We know what we must do,” he said.

CWI said it had already negotiated a significant portion of the funding required for the final two years of the cycle and pointed to its recent full ownership of Coolidge Cricket Ground in Antigua as a strategic asset that could be leveraged for long-term capital. The organisation also disclosed a partnership with CAGE Bet Sports, which is expected to generate cash inflows from 2027, subject to the granting of operating licences across Caribbean jurisdictions.

“CWI’s strategic partnership with CAGE Bet Sports, is expected to contribute significantly to cash inflows from 2027, subject to the successful acquisition of the required operating licences across relevant Caribbean jurisdictions,” stated the notes in the audited financials . “This initiative is consistent with the organisation’s strategy to diversify revenue sources and reduce reliance on traditional cricket-related income streams.”

CWI Inc is owned jointly by six regional territorial boards from the Leeward Islands, Windward Islands, Jamaica, Barbados, Guyana, and Trinidad and Tobago.

President Dr Kishore Shallow acknowledged the structural pressures on Cricket West Indies, including the loss of talent to other leagues and sports.

“Notwithstanding this reality, we must also be our own champions,” Shallow said in the annual report. “The entire model of cricket development in our region requires careful re-examination and thoughtful redesign to ensure a stronger and more sustainable pathway for the future. We cannot afford to wait for a saviour to restore our cricket.”

Revenue and results

In 2025, Cricket West Indies registered revenue of US$40.9 million for the year ended September 2025, down 54 per cent from US$88.4 million the year before. The group recorded a net loss of US$28.5 million, reversing a profit of US$22.6 million in 2024.

The swing reflects the outsized contribution of the ICC Men’s T20 World Cup, co-hosted by the West Indies in 2024, which generated nearly half of annual revenue in 2024 for CWI. Neither stream recurred in 2025.

Cash was the starkest signal of strain. The organisation ended the year with US$1.7 million in cash, down 90 per cent from US$17.5 million a year earlier. Total equity fell 63 per cent to US$17.2 million from US$46.2 million, though CWI reported no outstanding debt with financial institutions.

luke.douglas@gleanerjm.com