Sri Lanka news April 12, 2011

SLC in debt after World Cup

ESPNcricinfo staff

The World Cup has left Sri Lanka Cricket in debt to the tune of $23 million thanks to cost overruns and heavy expenses incurred in building stadiums. Sri Lanka, which lost the final to India in Mumbai, built two new grounds, one in Hambantota and the other in Pallekele, while the R Premadasa stadium in Colombo received an extensive renovation.

"We spent a lot of money to host the World Cup, to build two stadiums and rebuild one stadium. The World Cup left us a 2.5 billion rupee deficit," Sports Minister Mahindananda Aluthgamage told reporters. "We spent about five billion rupees to build the three World Cup venues."

The board was forced to pledge the newly built stadiums plus the income from upcoming tours as collateral to raise funds to pay for the World Cup. Sri Lanka hosted 12 games over the course of the tournament.

'We are not in a serious cash crisis," Aluthgamage said. "Building new stadiums costs a lot of money. You must look at it as an investment for the future development of the game."

According to Sujeewa Rajapakse, Sri Lanka Cricket treasurer, the board took a $21.5 million loan from state-run Bank of Ceylon and another $3.5 million loan from the ICC to cover their costs. "We are expecting $25 million from the ICC soon, by way of hosting rights," Rajapakse said. "Once that comes, we can sort things out."

Sri Lanka will play England, Australia, Pakistan and South Africa this year, and is due to host the World Twenty20 championships in 2012.

Comments have now been closed for this article

  • Rohan on April 14, 2011, 11:16 GMT

    now i understand why Sl is calling back plaayers from ipl....they r just unhappy of losing the world cup after doing this much..

  • Dummy4 on April 13, 2011, 13:23 GMT

    They have spend $23 million and are receiving $25 million and that will cover the cost spend for the stadiums. And it's a long term investment which will bring millions. specially for the T20 WC they can make quite a lot of money with much less investment.

  • Dummy4 on April 13, 2011, 7:58 GMT

    a silly article after building 2 new stadiums and renovating another how on earth are they to recover the amount in a fortnight.What is the point in writing something that's so obvious???:

  • shagun on April 13, 2011, 7:57 GMT

    I think srilanka cricket board and the govt. doesnt have money that is why they are saying they are running in debt.SEE HOW BCCI is so rich and having income of billion dollars every year.Srilanka cricketers doesnt get so much money that is why they are coming to india to play IPL to fill up their pockets.

  • Mango on April 12, 2011, 16:35 GMT

    Should SL tax cricket players income to pay off some of these debt?

  • Par on April 12, 2011, 15:35 GMT

    lets schedule a trip of India for 5 ODIs, 3 Tests and 7 T20s in Jun and July. That should solve the problem.

  • Dummy4 on April 12, 2011, 13:56 GMT

    a very silly article, you cant count the investment into debt

  • zaki on April 12, 2011, 11:39 GMT

    What a silly title to such a silly article ...

  • Dummy4 on April 12, 2011, 10:13 GMT

    here we go. another topic for Sri Lankan oppotition...

  • Ali on April 12, 2011, 10:06 GMT

    If the stadium walls can speak , they will tell you where most of the money went

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