Cricket Australia secures massive $50 million loan after furloughing staff: Report

The coronavirus pandemic has caused chaos across the globe as many countries have been forced into a lockdown with all activities postponed. The IPL 2020 was postponed indefinitely while many bilateral series were called off due to the threat of the deadly virus. Cricket Australia recently furloughed their staff due to the losses suffered amidst the pandemic and reports suggest that Cricket Australia CEO Kevin Roberts secured a $50 million loan for the functioning of the governing body. 

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Coronavirus Australia: Cricket Australia secures $50 million loan to cover for losses if India don't tour this year

According to a report by Sydney Morning Herald, Cricket Australia have secured a $50 million loan days after furloughing staff to cut costs during the coronavirus pandemic. It is being reported that the $50 million is an upfront sum as part of a larger $200 million loan which the CA is seeking to cover themselves if India are unable to tour this year. India were scheduled to tour Australia post the T20 World Cup for play four Tests, three One Day Internationals (ODIs) and three Twenty20 International (T20I) matches. However, with the coronavirus pandemic, the future of the India tour and T20 World Cup hang in the balance. 

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Coronavirus Australia: Cricket Australia furlough staff, Kevin Roberts takes a pay cut

Cricket Australia CEO Kevin Roberts feared they would run out of money by August if the severe cuts were not made, but with the supposed $50 million loan, those concerns could be a thing of the past. The organisation stood down more than 200 staff on 20 per cent pay until the end of June until the financial strain eases. The decision reportedly has saved Cricket Australia about $3 million dollars. Kevin Roberts is also on 80 per cent pay, assumed to be $1.2 million before the cost cuts. Roberts is also reportedly set to recommend to state associations a 25 per cent reduction in grants from the CA.

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