b555 Posted April 12, 2011 Posted April 12, 2011 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.
Stuge Posted April 12, 2011 Posted April 12, 2011 Well ,its an investment IMO. So,you don't expect to recover money that soon .
achilles Posted April 12, 2011 Posted April 12, 2011 I agree with Stuge. To add to his point, investments like these are long-term & SL must realize that they did have stadiums packed for the games. And they will for the next coming years. It will help.
jusarrived Posted April 12, 2011 Posted April 12, 2011 they wer expecting to recover the money spent on building 3 stadiums ? :haha:
akshayxyz Posted April 12, 2011 Posted April 12, 2011 Misleading headline. the article by itself has question and answer both.
ganeshran Posted April 12, 2011 Posted April 12, 2011 I dont know why its called debt when they actually accumulated an asset in the form of a stadium which will continue to earn revenue for them. On the short term it should be the government which should loan SL cricket money to help them stay afloat
Params7 Posted April 12, 2011 Posted April 12, 2011 They are hosting the T20 WC next year. Those new stadiums will come in handy.
Clarke Posted April 12, 2011 Posted April 12, 2011 They're hosting their own cricket league, right ? That, along with some help from PCB (which, in true Paci style, got free money) should help.
Hell Raiser Posted April 12, 2011 Posted April 12, 2011 OHHH MYYY............SL in debt again. I hope BCCI doesn't start to play series after series against Sl to help them out again even in this packed schedule. I really don't want to see a series with them before 2025.
Cricket Tragic Posted April 13, 2011 Posted April 13, 2011 Well ,its an investment IMO. So,you don't expect to recover money that soon . This.
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