Cricket Australia Gets $ 50 Million Loan As Security Coverage For Testing In India: Report
MELBOURNE Cricket australia has taken out a $ 50 million loan, a down payment as part of a larger $ 200 million loan, which has tried to cover losses if India does not tour the country later this year due to the COVID-19 pandemic.
According to a report published in 'The Sydney Morning Herald', interested parties have been informed that the loan with the Commonwealth Bank is a closed agreement.
However, it raised new questions about the governing body's decision to withdraw 80 percent of its staff last month due to the financial crisis.
California retired more than 200 employees with a 20 percent pay until the end of June with the CEO Kevin Roberts for fear that the money will run out in August if the drastic cuts are not made.
The decision, which had saved California about $ 3 million, is in question now with the governing body securing $ 50 million loan.
While Roberts, himself, is still earning 80 per cent of his salary, he is set to propose to state associations a 25 per cent reduction in grants from California, the reports said.
California is staring at losing a staggering 300 million Australian dollars in the wake of the pandemic and India's four-Test tour in December-January could provide relief to the struggling body.
Previous off-road test Shane watson , who is the chairman of the Board of the Australian Cricketers Association, will convene a meeting early next week to formalize a position on the state of gambling finances.