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The ICC is currently probing into the financial expenditure exceeding budget limits during the USA leg of the recently concluded T20 World Cup 2024. Specifically, the ICC is keen on understanding the reasons behind this overspending, which could potentially result in losses amounting to millions of dollars for the USA segment.
As part of an ambitious initiative, the ICC embarked on constructing the Nassau County International Stadium in New York within a remarkable span of 106 days. This venue played host to eight crucial matches of the T20 World Cup 2024, including the highly anticipated India-Pakistan encounter. Overall, the United States had the privilege of hosting 16 out of the total 55 matches held during the tournament.
The ICC Board will discuss the financial overspend of the US leg of T20 World Cup 2024.
According to an ESPNCricinfo report, the ICC Board convened in Colombo over the weekend to scrutinize the reasons behind the overspending during the US leg of the T20 World Cup. The focus of their investigation will be to ascertain accountability for these cost overruns.
The report highlighted that a director on the ICC board disclosed the initial budget for the US leg of the T20 World Cup was originally estimated between $40-50 million. This budget included $15 million earmarked for operational expenses and approximately $30 million designated for constructing a temporary stadium near New York City.
Leading up to the prestigious tournament, T20 World Cup USA Inc., the organization responsible for managing the US leg, requested an additional $20 million. This last-minute appeal raised concerns among several board members, prompting questions as to why potential budgetary issues weren’t addressed earlier or communicated in advance.
“However, on the eve of the World Cup, T20 World Cup USA Inc, the US-based entity created by the ICC’s commercial arm IBC (ICC Business Corporation) to run the US leg, sent in a request for an additional $20 million. This “outraged and alarmed” a number of board directors, according to a second director, not least the fact that the request was made at the last minute,” a report by ESPNcricinfo said.
An organizer clarified that the $20 million requested by T20 World Cup USA Inc. was not an additional budget allocation but a loan aimed at managing cash flow and covering operational expenses. This cash injection was necessary for paying personnel and other immediate needs.
Concerns over the excessive spending that necessitated this loan were voiced by several ICC directors, including CWI President Dr. Kishore Shallow, ICC Deputy Chairman Imran Khwaja, and Associate Director Pankaj Khimji. There were calls, particularly from Khimji, for an investigation into the financial management of the US leg of the tournament.
Following the ICC’s decision to remove USA Cricket as a co-host due to governance and financial issues, the CWI took on the primary hosting role for the T20 World Cup. T20 World Cup USA Inc., a newly established non-profit organization, subsequently assumed responsibility as the Local Organizing Committee for the US segment of the tournament.
