Thank you ICC, says ZC
Zimbabwe Cricket (ZC) has turned down a proposed bail-out from the ICC but confirmed it will restructure its organisation with a view to reducing expenses as it attempts to climb out of debt.
This follows several months of discussions between the ZC and the ICC over ZC's finances, during which a primary application for a loan was first turned down in January, which was followed by an ICC visit and a bail out offer made with conditions of cost cutting and key administrative changes.
ESPNcricinfo understands the ICC, which did not comment on the matter, was willing to provide ZC with a conditional loan of up to 16 million dollars, including an immediate 10.8 million dollars to write off amounts owed to two banks; n return it sought an agreement from ZC to restructure radically, trim down its organisation and operate under an administrator.
Zimbabwe Cricket did not deny the existence of a bail-out or give reasons as to why it had been turned down. "This is a matter of strict confidentiality between ZC and the ICC," Lovemore Banda, ZC's media and communication manager, speaking on behalf of chairman Peter Chingoka, said. "We have a business plan that is driven by restructuring and whose key dynamic is to cut down on costs."
It is believed an introduction of an ICC-appointed and backed administrator is thought to have been the major reason for ZC's reluctance and ultimate refusal to agree to the deal, although ZC would not confirm that.
Estimates have put ZC's debts in the region of 18 million dollars and mounting. That was the primary reason ZC approached the ICC for financial assistance in January. Then, ZC applied for a loan of 19 million dollars, which the ICC board failed to approve. Instead, they supplied ZC with 3 million dollars to end a player strike that had dragged on from December, restart domestic cricket in the country and adequately prepare the national side for the World T20.
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