Thursday, May 30, 2024

Cricket Ireland defend purchase of two Teslas amid financial pressure

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Cricket Ireland have said that the recent purchase of a pair of Teslas for senior members of staff was done so “in financial prudence” and “in the interests of leaving Cricket Ireland in a more financially advantageous position”.

Due to financial pressure, a planned home series with World Cup champions Australia had recently been postponed, while all of Ireland’s men and women’s fixtures after June have not yet been finalised amid budget uncertainty.

“It has come to our attention that car management procedures have become the source of negative speculation in the public domain,” said Cricket Ireland chairman Brian MacNeice. To be as transparent on this matter as possible, we have entered into a Hire Purchase agreement on two Tesla Y’s as staff cars.

“Having considered the financial options available, there is a strong business case for undertaking a Hire Purchase option which ultimately results in ownership of the asset after 3 years. The timing of the new agreement allowed Cricket Ireland to avail of 0% financing on the Hire Purchase agreement which is a more economic financial decision.

“In short, entering into a Hire Purchase Agreement rather than a lease has a greater short term cash outlay but provides an asset after 3 years on the books that would potentially result in a profit of €8k on disposal thus making this a more financially sound approach to managing our overheads which will allow a greater investment into other areas of the business.”

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