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Sri Lanka news
SLC in debt after World Cup
ESPNcricinfo staff
April 12, 2011
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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.
© ESPN EMEA Ltd.
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now i understand why Sl is calling back plaayers from ipl....they r just unhappy of losing the world cup after doing this much..
Posted byThey 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.
Posted bya 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???:
Posted by ams_rocking 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.
Posted by MangoDolittle on (April 12, 2011, 16:35 GMT)Should SL tax cricket players income to pay off some of these debt?
Posted by Dhanno 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.
Posted bya very silly article, you cant count the investment into debt
Posted by A.Zaki.Hadi on (April 12, 2011, 11:39 GMT)What a silly title to such a silly article ...
Posted byhere we go. another topic for Sri Lankan oppotition...
Posted by AMowlana on (April 12, 2011, 10:06 GMT)If the stadium walls can speak , they will tell you where most of the money went
Posted by vswami on (April 12, 2011, 9:20 GMT)If 25 million is expected from ICC contractually, then how is the SL board in debt ? At best they have a short term cash shortfall to bridge. The headline is misleading.
Posted byhaha thats a first, a country hosting the biggest event and incurring a loss
Posted bywell, if they are expecting $25 million from ICC, it is not a really a crisis is it?