Sri Lanka news June 14, 2011

SLC seeks financial help from government

ESPNcricinfo staff

Sri Lanka Cricket is seeking government grants and a soft loan to meet part of the amount it spent on co-hosting the 2011 World Cup, according to sports minister Mahindananda Aluthgamage.

"Sri Lanka Cricket ran out of funds after hosting the World Cup and sought government help to settle some payments," Aluthgamage said. SLC has asked for a grant of two billion rupees ($18.35 million) and a loan of 1.5 billion rupees ($13.75 million) from the state-run Bank of Ceylon.

Sri Lanka built two new grounds, one in Hambantota and the other in Pallekele, while the R Premadasa stadium in Colombo received an extensive renovation for hosting World Cup matches. "In total, we spent about five billion rupees ($46 million) to build the three World Cup venues," Aluthgamage said.

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. SLC is expecting to get about $25 million from the ICC by way of hosting rights but will require government support to bridge the deficit.

"It's not a crisis situation yet. We are confident the government will help us out," Aluthgamage said.