ECB senior executives allegedly set to split £2.1 million bonus despite 62 job cuts

According to the Guardian, Tom Harrison, the CEO of the England and Wales Cricket Board (ECB), is among a number of senior executives allegedly poised to split a £2.1 million bonus even though the ECB cut off 62 jobs last year owing to financial losses caused by the COVID-19 pandemic. The England Cricket Board has publicly stated on several occasions that Covid-19 has thrown them in the deep end.

As a result of this situation, the ECB made 62 employment cuts, and also lowered the pay of its national players. They have, on the contrary, offered generous bonuses for their senior executives.

The Guardian claimed that ECB accounts show that a five-year Long-Term Incentive Plan is due to be settled in cash in 2022. The report claimed that Harrison, the board’s chief executive who was paid £512,000 last year despite a voluntary pay cut, and Sanjay Patel, managing director of the Hundred, are among the intended recipients.

However, the England Cricket Board refused to reveal the names of the officials included in the bonus, neither did they reveal the amount of money that would go to them. They cited the confidentiality of employment contracts as the reason for this.

ECB executives share profit: Bonuses offered as a reward for exceptional efforts during the pandemic says ECB chair Ian Watmore

According to ECB chair Ian Watmore, the senior executives are being recognized for their exceptional efforts in the midst of the COVID-19 pandemic.

“Long-term incentive plans are widely adopted across many sectors, including sports federations, as a way of rewarding long-term performance of executives and leaders as well as encouraging retention,” said Ian Watmore.

According to the most recent England Cricket Board statement, a five-year Long-Term Incentive Plan (LTIP) will be completed in 2022.

“The ECB’s LTIPs were created to take us through the negotiations of the last media rights cycle, the implementation of the Inspiring Generations strategy, and the first two years of its delivery.”

“The performance of the ECB’s leadership across the pandemic has been exceptional and they were among the first to commit to significant voluntary pay and incentive cuts in 2020. The LTIPs began in 2017 and will mature in January 2022. The board is considering what, if anything, will replace them from 2022 onwards,” added Ian Watmore.

Image credits: AP