Cricket West Indies, CWI, made record earnings from the 2024 ICC World Cup, allowing it to clear all debts, according to its latest annual report.
Thinner margins are expected in the short term as no major tournaments are scheduled until 2026.
“The success of the ICC Men’s T20 World Cup bolstered our financial position. This will help us navigate the next two years, which are expected to be leaner,” said CWI CEO Christopher Dehring.
Dehring, who rejoined CWI in February 2025, succeeding Johnny Grave as CEO, emphasised the need for strong financials but also “sustainable, vibrant cricketing ecosystem” to revive the sport at the ‘grassroots’ levels to build a stronger regional team.
Dehring was previously the managing director and CEO of the 2007 ICC Men’s Cricket World Cup.
In 2024, revenue totalled US$88 million, a third higher than the previous year. The World Cup distribution deals and hosting rights accounted for half of the total revenue, with a further 20 per cent from ticket sales, 15 per cent from media rights, and the rest from sponsorship, licensing, and merchandise.
The financial boost translated into US$23 million in profit, marking a 60 per cent increase over 2023.
Co-hosting the ICC Men’s T20 World Cup with the USA introduced cricket to a new audience, highlighting the “Caribbean’s hospitality, culture, and passion for the sport” while bringing “unprecedented” economic benefits, Dehring noted.
Additionally, CWI secured a six-year media rights deal with ESPN Caribbean, aiming to enhance visibility for players and the sport. “This is a major step toward the long-term viability of the game,” Dehring said.
In 2024, CWI boosted its cash reserves fivefold to US$17.5 million. The cash surplus allowed CWI to repay US$4.6 million in loans, which cleared off its debts.
“We paid off all institutional debt, a milestone that strengthens our financial foundation,” said CWI President Dr Kishore Shallow in the annual report.
The turnaround follows several years of pandemic-related challenges, including an accumulated deficit of US$2.5 million in 2022. By 2024, however, CWI had erased the losses and built a surplus of US$34.6 million in retained earnings.
“The successful execution of the ICC Men’s T20 World Cup in the Caribbean was not just a sporting triumph but an economic milestone, reinforcing the Caribbean as a premier destination for global cricket,” Shallow said.
The tournament generated over US$1 billion for the economies of the host nations and set new benchmarks for viewership, with 1.3 billion digital video views – a 150 per cent increase from the previous edition, according to the annual report.
“On the field, our players have shown heart and determination, reminding us of our legacy. Our players have shown heart and determination, reaffirming our legacy,” said Shallow.
The men’s team reached No. 4 in the ICC T20 rankings and the Super 8 in the T20 World Cup. The women’s team reached the semi-finals of the ICC Women’s T20 World Cup.
“While there’s still much work to do in Test cricket, we etched our names in history with a hard-fought victory in Pakistan-our first in 34 years, similar to the feat achieved in Australia in January 2024. These achievements remind us of what is possible when talent, preparation, and passion come together,” Shallow said.