Dublin — The International Cricket Council (ICC) has moved to draw up a rescue package for Zimbabwe Cricket (ZC), to enable it to stabilise it’s business and allow cricket to flourish in the country.
The ICC made the announcements following the conclusion of its annual conference in Dublin, Ireland on Monday.
The ICC said ZC has now complied with a number of conditions recently set by the world governing body in relation to its financial situation.
As such, the ICC confirmed a rearrangement of ZC’s funding that will assist with the service of its existing debts, whilst the remainder of the funding will only be released on a controlled basis.
ICC management will work with ZC to develop a plan for managing its cricketing, management and financial structures which will be reviewed on an ongoing basis.
Zimbabwe was at risk of suspension at the conference unless it could provide evidence of reduced or restructured debt.
ZC, in association with the Zimbabwe Asset Management Corporation, has reportedly been able to renegotiate its debt, which totalled around $18m (€15,4m).
In a statement, ICC chairman Shashank Manohar said: “I am satisfied we have mapped out a way forward to enable Zimbabwe Cricket to get back on track. It will require significant change to their financial, managerial and cricketing operations, along with support from the ICC, but we saw the latent potential of cricket at the recent ICC Cricket World Cup qualifier in Zimbabwe and this gives us the opportunity to build on that.”