CSA announces large profit swing

Cape Town - Cricket South Africa (CSA) has declared a major turnaround in its financial fortunes after a R214 million swing in profit projections for the 2014-15 financial year.

CSA said good governance and better than expected revenue had enabled them to declare a surplus of R108 million having predicted a loss of a similar amount.

"It's a brilliant achievement as we had projected a R106-million loss at the start of the year because it was a lean year in our four-year budget cycle," CSA President Chris Nenzani said in a statement on Saturday.

The turnaround came about via increased revenue from the sale of international broadcast rights and new sponsorship deals as well as increased stadium attendances for domestic matches.

CSA has decided to retain the current quota targets imposed on domestic provincial teams until the end of the 2017-18 season.

These provide for a minimum of six non-white players in the starting 11 which must include at least three players of black African origin.