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ZC almost clears debts

by BustopTV

By Sports Reporter

Zimbabwe Cricket (ZC) Chairman, Tavengwa Mukuhlani said the cricket governing board is clearing debts which will enable the association to focus on other developmental issues of the game.

This was revealed at the board’s virtual annual general meeting (AGM) held on Tuesday.

In a statement ZC said that despite facing such a difficult year, the association emerged in a much stronger financial position having managed to nearly pay off its legacy debts amounting to US$27 million.

“Perhaps the biggest irony of our lifetime, the very same horrible year saw us making huge strides towards making ZC debt-free.

“At the close of the just-ended financial year, we had whittled the US$27 million legacy debt down to US$1 million, in the process breaking the chains that had enslaved our organisation to an unending cycle of financial troubles,” Mukuhlani said.

ZC is said to have repaid amounts including the US$6 million obligation to the ICC as well as the controversial loans worth up to $10 million that were housed under the Zimbabwe Asset Management Company (ZAMCO).

“You will probably recall that when I was first elected as ZC chairman in 2015, I made it clear that my board’s top priority would be to address our game’s perennial viability challenges and to forge a sustainable financial and cricket future for our country.

“That required us to implement an intricate debt resolution plan which ultimately saw us engaging ZAMCO to assume ZC’s debts which had been choking the organisation because of high interest rates.

“Under the arrangement, we were supposed to settle the ZAMCO obligations by 2023 but, as we take stock of the period under review, I am proud to report that – a whole three years earlier – ZC is nearly debt-free.”

Mukuhlani said ZC would be turning its full attention to the revival of club cricket and the re-establishment of a national academy.

It seems the association is now focusing on revitalising first-class cricket in the country and a provincial women’s competition.

Mukuhlani said, “We are therefore going to strengthen our domestic competitions and our entire pathway to ensure that in the end our national teams, both male and female, are very competitive and capable of qualifying for and doing well at the major global tournaments.”

ZC acting managing director Givemore Makoni also reiterated that the organisation would prioritise boosting its game development as well as domestic and international cricket structures.

“Having successfully navigated a 2019/20 that threw suspension, financial troubles, a deadly virus and everything bad at us, I find pleasure in reflecting on how ZC managed to cope with such a myriad of challenges to emerge in a much stronger position,” Makoni said in his report during the virtual AGM.

“Indeed, the beauty of the mess – an oxymoron if ever there was one – was our ability to make the most of the difficult situation.

“This would not have been possible without the commitment, hard work and massive sacrifices made by our management and staff who had to face layoffs, take pay cuts and operate within shoe-string budgets to ensure cricket continued being played at all levels.”

What is not yet to be established is whether ZC capitalised on the court ruling which rendered all debts accrued before February 2019 in US dollars could be paid in RTGS at 1:1 value. It will be a marvel to see Zimbabwe cricket get back to yesteryear glory.

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