Australian Cricketers Share $46M Payout From Cricket Australia
Australian cricketers "have deeper pockets this week" after the payout of a A$58.5M ($45.9M) adjustment ledger from Cricket Australia that was a "major point of conflict during this year's bitter pay dispute with the governing body," according to Barrett & Lutton of the SYDNEY MORNING HERALD. Players who participated in int'l and domestic cricket between '12 and this year "received a share of the funds on a pro-rata basis" under the terms of the last memorandum of understanding between CA and the Australian Cricketers' Association. The adjustment ledger "is not a bonus." Players were entitled to it "as their percentage share of the game's revenue above forecast" over the previous five years. It became a "hugely contentious issue during the dispute with CA this year," however, when the governing body proposed to roll over half of the ledger -- about A$29M ($22.8M) -- to the next five-year period "rather than pay them out in full." While former players have reportedly received a "direct payment in the past week," players from '12-17 who are contracted to CA, the states and Big Bash League franchises had 70% of their slice "placed in a retirement fund," with the remaining 30% paid "straight into their bank accounts" (SMH, 10/16).