The staging of the Indian Premier League (IPL) in South Africa early this year helped the Cricket board there record a turnover of more than USD 11.4 million for the 2008/2009 season.
The Cricket South Africa (CSA) had initially budgeted for a loss of nearly USD 10 million, the board's Treasurer Hentie van Wyk said at its annual meeting in Johannesburg.
Van Wyk said the CSA made an operating profit of nearly USD one million as a result of stronger negotiations, bigger broadcast deals, increased sponsorships and the board's successful hosting of international tournaments.
He said the CSA now has a health cash reserve of USD 21 million and had enjoyed "one of its most successful season during 2008/2009".
The favourable variance to budget was mainly due to interest received on increased cash balances, fee income related to the Champions League, IPL-related income, increased sponsorship and international broadcast revenue, he said.
"In many aspects, our positive financial results reflect the benefits to cricket of improved structures, expertise and management at all levels," Van Wyk said.