Cricket Australia (CA) takes a loan of $ 50 Million as India’s tour to Australia canceled due to Coronavirus. As per reports, Cricket Australia take the loan as a cover for the loss of India’s tour being canceled.

Cricket Australia takes a loan of $ 50 Million

Cricket Australia (CA) has sanctioned a loan of $ 50 million as a security cover for the loss in the event of the Indian team’s tour being canceled due to the Covid-19 epidemic.

According to a report published in ‘The Sydney Morning Herald,’ all stakeholders have been informed that a loan agreement has been reached with the Commonwealth Bank.

Cricket Australia cut the salary of employees

The CA’s Steering Committee decided to lay off 80 percent of its employees last month in view of the financial crisis. After the approval of the loan easily, however, questions are being raised.

The board also cut the salaries of about 200 employees by 20 percent. CA Chief Executive Officer Kevin Roberts said the board would not have the money left after August if large-scale cuts were not made.

The T20 World Cup in Australia is scheduled to begin on October 18. But its event is also under threat due to the coronavirus epidemic. More than two lakh people have died worldwide due to this epidemic.

In the event of the cancellation of the Test series against India, Cricket Australia may face a loss of TV revenue of around $ 300 million.

Also Read | Usman Khawaja ‘shocked’ by the financial crisis faced by Cricket Australia

Cricket Australia released the contract list

Recently, amidst the havoc of the Coronavirus, Cricket Australia has released the Central Contract List for 2020-21. The Cricket Australia Board has added 6 new players including young batsman Marnus Labuschen to the men’s 20-man contract list.

On the other hand, after five years, Usman Khawaja has been removed from the contract list. The national selectors announced the contract on Thursday. In this 20 male and 15 female players have been awarded contracts for the next 12 months.