WICB seeks ICC loan
Published:Wednesday | November 26, 2008 | 1:42 PM
The West Indies Cricket Board (WICB) is facing financial crisis and has approached the International Cricket Council (ICC) for a loan of US$3 million.
The Hindustan Times newspaper in India reported yesterday that the money requested would be used mainly to run the ICC Future Tours Programme.
The report further said the ICC’s chief executive Haroon Lorgat and chief financial officer Kaushik Das have viewed the request favourable.
Under the terms, the amount loaned by the ICC will be adjusted against money due to come to the WICB as their share of distribution to members from the ICC.
The WICB is scheduled to receive US$2.8 million dollars from the Champion Trophy 2009 in Pakistan and 2.7 million from the World 20/20 to be played in England next year.
The WICB will have to repay the loan in one year by September 2009 at a minimum interest rate.