SLC announces 2017 profits of over $13.5m

COLOMBO: Sri Lanka Cricket (SLC) believes it is free of the stadium debts that had plagued it since the 2011 World Cup, and has announced profits of over USD 13.5 million (LKR 2.12 billion) in 2017.

There is, however, one substantial caveat. SLC’s new-found financial stability is contingent on the Sri Lankan government agreeing to pay the remainder of what is owed for the stadium in Hambantota. For now, the government appears content with bearing that cost, believed to be almost USD 14 million (LKR 2.2 billion). But the board remains aware that political shifts may trigger a change of heart from the government, and SLC could still end up being asked to pay for what is an inconvenient and expensive venue. In fact, the board has made provisions in its budget for that possibility.

“As far as we are concerned, we don’t have any liability to pay for [Hambantota stadium],” SLC president Thilanga Sumathipala said. “We discussed with the Auditor General with regard to this - it doesn’t show any outstanding payables.” “But we have made a provision in our accounts, because this is an ongoing discussion the Ministry of Sports is having with the Finance Ministry. As of December, they have not told us of the decision that they have arrived at.” The remainder of its finances, SLC claims, are in excellent order following a lucrative 2017.