Sri Lanka Cricket has received $2.5 million from the International Cricket Council (ICC), to help with the costs of hosting the World Twenty20 that begins on September 18, a board official has said.
The $2.5 million includes a string-free grant of $500,000 and a loan of $1 million, as well as $1 million advance payment for ticket sales. The ICC has also guaranteed the Sri Lanka Cricket Board (SLC) an additional $1 million in ticket sales, which will be paid after the tournament ends. The money will be used to upgrade facilities at the Hambantota, Pallekele and R Premadasa stadiums, where the World Twenty20 matches will be held.
“We requested the money to make up the shortfall we were expecting for the tournament,” SLC treasurer Nuski Mohamed said. “The money will pay for new equipment that will be used for the World T20 and beyond.” The required equipment includes new pitch covers, supersoppers and rollers, which had been transported in between venues during previous tournaments but cannot be moved from place to place during the World Twenty20 due to the hectic schedule.
The $2 million for ticket sales is expected to be more than what the heavily-indebted SLC would have received, had no guarantee been put in place, Mohamed said. “The ICC doesn’t want the ticket prices to be high, that’s why they’ve made this guarantee. I don’t think the ticket sales will be $2 million, so we’ve got a good deal.”
He added that the loan of $1 million does not have to paid until 2015 and that it has not been borrowed against any collateral. SLC had requested the funds at the annual ICC’s annual conference in Malaysia in June, and had their application approved over the past month.
The cost of building two new stadiums in Hambantota and Pallekele were the main contributors to the SLC’s debt of almost $70 million following the World Cup in 2011. (The News International)
Comments - 12
gona Sunday, 19 August 2012 09:16 AM
hooray hooray ... time for party ... time for @the officials@ to make money.
kumaraya Sunday, 19 August 2012 10:38 AM
Senna Sunday, 19 August 2012 12:27 PM
Very True. We are having a disaster on young players. See what happened to uder 19 team in Worldcup in Australia. Very poor performance. Lost to Bangladesh as well and derailed the process. Our SLC Management and the so called coaches are responsible for this disaster. They are worried about funds only?
pala Monday, 20 August 2012 06:35 PM
any how we got million to make big party,but not win the cup
garawi Sunday, 19 August 2012 02:29 PM
Wow, the ICC bosses now can have a tamasha and at the end of the Twenty/20 can get themselves paid a bonus like after the world cup in SL .No need to have a profit. Let's use this money for that!
Karunadasa Monday, 20 August 2012 10:41 PM
Neva gilunath ban choon. SLC please make sure there are enough coats for the world T20 umpires. also most of the grant and loan to be paid back to ICC.
Sweat Monday, 20 August 2012 09:54 AM
Other countries host world cup matches and make money, we host workld cup matches and go bankrupt.
Farzan - Kalutara Sunday, 19 August 2012 04:39 AM
How much will go to the pocket of offials?
Nero Sunday, 19 August 2012 06:13 AM
That is it. Time for the next round of tamashas.
Sri Lankan Monday, 20 August 2012 03:57 AM
Chandler Sunday, 19 August 2012 07:08 AM
Aney apoy! Is there an auditor coming with the package! Please.
Calistus Jayatilleke Monday, 20 August 2012 05:46 AM
Another Bonanza for the SL Cricket officials, lucky guys. By the way, have they found the missing I-Pads donated to them recently?
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