Cricket West Indies projects US$26m loss in 2026 before returning to profit

Cricket West Indies (CWI) is bracing for another US$26 million loss this year before tipping back into profit in 2027, as the regional governing body absorbs the impact of an off-peak tournament calendar and a men's senior side that managed only one Test victory from 10 outings last year.

The projection appears in CWI's audited financial statements, signed off in February by auditors Grant Thornton, and lays bare the precarious finances of the body that oversees cricket across the Caribbean.

"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 plans its books around a four-year window pegged to the ICC World Cup calendar, when hosting fees, gate receipts and media rights swell its coffers. In the quieter years between, income contracts sharply while running costs barely move.

The West Indies men played 10 Tests in 2025 — two against Pakistan, three against Australia, two against India and three against New Zealand — claiming a single win over Pakistan, drawing one with New Zealand and losing the other eight, according to the annual report. CWI framed the results in a longer arc, noting it was the team's first away win against Pakistan in 35 years and its 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," said chief executive Chris Dehring, who returned to the organisation during the year after spearheading the region's staging of the 2007 ICC Cricket World Cup.

Dehring set out three rebuild priorities: identifying top prospects earlier, redesigning tournament and administrative arrangements to lower costs, and building modern high-performance centres.

"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.

The board said most of the funding it needs for the final two years of the cycle had already been arranged, and pointed to its newly secured full ownership of the Coolidge Cricket Ground in Antigua as an asset that could underwrite future borrowing.

A tie-up with CAGE Bet Sports is also expected to begin feeding cash into the body from 2027, once the venture obtains operating licences across the relevant Caribbean territories.

"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," the notes to the audited accounts stated. "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 jointly owned by six territorial boards: the Leeward Islands, Windward Islands, Jamaica, Barbados, Guyana, and Trinidad and Tobago.

President Dr Kishore Shallow conceded that the organisation faces deep structural strains, among them the steady drift of talent to rival 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

For the financial year ended September 2025, CWI booked revenue of US$40.9 million, a 54 per cent fall from US$88.4 million a year earlier. The group posted a net loss of US$28.5 million, a sharp reversal from the US$22.6 million profit recorded in 2024.

The shift largely reflects the absence of the ICC Men's T20 World Cup, which the West Indies co-hosted in 2024 and which alone delivered close to half of CWI's annual revenue that year. Neither the hosting payout nor the related streams returned in 2025.

Cash holdings told the most pointed story. CWI closed the year with US$1.7 million in cash, down 90 per cent from US$17.5 million 12 months earlier. Total equity slid 63 per cent to US$17.2 million from US$46.2 million, although the organisation reported no borrowings from financial institutions.