Speaking after the meeting, acting President of the Members’ Council, Mr Rihan Richards said that they look forward to being part of a new governance structure for cricket, adding, "and playing our part in ensuring sound administration of the game we hold so dear."
"I am grateful to my Members’ Council colleagues and the Interim Board for ensuring that we avert a proposed ministerial intervention which would have caused cricket in our country irreparable harm."
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With the South Africa sports minister invoking his power to deregulate the board earlier on Friday, CSA was under pressure to react and decide as a delay might have led to job losses and derecognition of the men's and women's national teams.
The Interim Board chair Dr Stavros Nicolaou said that he is delighted that the Members’ Council and the Board reached an agreement on a new governance structure.
"We have now successfully managed to fulfil the mandate given to us by Minister of Sport, Arts and Culture, Mr Nathi Mthethwa. We trust that this important agreement will give confidence to all cricket’s stakeholders specifically, players, staff, sponsors and all in the country who love the game of cricket. We owed it to our country to find a solution to cricket’s governance challenges."
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CSA has said that once the memorandum is in place, the interim board and the member's council would have a public address, before which they would not comment further on the matter.
The news comes as a comfort for the players and fans as many took to social media to express their relief. Earlier, both the men's and women's captains had apologised to the fans and the stakeholders for the ruckus that has been going on for a while on the board. A couple of days earlier, the CSA staff members had written a letter stating that more than a thousand people will lose jobs if the government takes overs.
With the board and member's council coming to an agreement, if all goes well in the next 48 hours, the sports minister is likely to go back on his decision, letting CSA administer cricket in the country.