Cricket Australia is bracing for a $120 million drop in revenue this summer after posting a $45.9 million deficit in the last financial year.
Crowd restrictions and biosecurity costs for India's looming tour will leave another huge dent in CA's finances.
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CA recorded a $45.9m deficit in the year ended June 30 despite axing 40 jobs amid the coronavirus pandemic.
CA chairman Earl Eddings says an estimated $120m in revenue could be lost this financial year.
"It's still a bit unclear," Eddings told reporters on Thursday.
"We have got COVID biosecurity costs built into that (estimate), hopefully after Christmas that might ease off which may make not quite as big impact.
"It takes into account crowd losses and revenue from our crowds.
"And also remember we had a delayed T20 World Cup, which has been put back to 2022.
"So it has all had an impact on revenue for this year."
Australia had been slated to host the Twenty20 World Cup in October and November but the tournament has been postponed because of COVID-19.
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Cash-cows India will play four Tests, three one-dayers and three T20 games in Australia from late November before limited crowds because of coronavirus protocols.
CA said the $45.9 deficit in the last financial year was projected in its four-year cycle which relied heavily on money generated from international tours.
Only lower-profile New Zealand and Pakistan toured Australia in the last financial year.
CA director Paul Green, chairman of the organisation's risk and audit committee, said the deficit was "in line with our budget and the broader long-range plan".
Green told CA's annual general meeting on Thursday that COVID-19 presented "the prospect of some more severe implications to come".
"On current estimates, these factors could have a financial cost to cricket of up to $120 million in FY21," he said.
CA saved $40 million by delivering operational changes including the axing of 40 jobs within the organisation.
But there remained uncertainty about just how much CA would receive from the Seven Network for this summer's broadcasting rights.
Seven wants a sizeable reduction to its $75 million a year fee, concerned with the Big Bash League's quality given a scarcity of international players and the likely unavailability of Australian front-liners for the tournament.
CA and Seven have sought a ruling on the rights fee from the Australian Chamber for International and Commercial Arbitration.
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