WC leaves Lanka in $23m debt

By Sunil

11 April 2011 04:37 pm - 29 - {{hitsCtrl.values.hits}}

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Sri Lanka Cricket is saddled with a $23 million debt after cost overruns and hefty bills incurred building stadiums for the recent World Cup.

"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.

Sri Lanka, which lost the final to India by six wickets, hosted 12 matches during the World Cup, with others held in India and Bangladesh.

The island nation built two new grounds in the southern town of Hambantota and the central town of Pallekele, while nearly $8 million was spent to renovate the Colombo-based R. Premadasa stadium.

"We spent about five billion rupees ($45 million) to build the three World Cup venues," Aluthgamage said.

The minister said the governing body was forced to pledge the newly built stadiums, along with income from upcoming tours, as collateral to raise funds to pay for the lavish tournament that ended on April 2.

"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."

Sri Lanka Cricket treasurer Sujeewa Rajapakse said the board took a $21.5 million loan from state-run Bank of Ceylon and another $3.5 million loan from the International Cricket Council (ICC) to tide them over the shortfall.

"We are expecting $25 million from the ICC soon, by way of hosting rights. Once that comes, we can sort things out," Rajapakse said.

Sri Lanka is to face England, Australia, Pakistan and South Africa this year, and is also due to host the World Twenty20 championships in 2012.

Sri Lanka won its sole World Cup in 1996 and emerged finalists in 2007.

Since losing the final to India, the team's captain, vice-captain and selectors have quit, while head coach Trevor Bayliss also ended his contract to take up his old job at New South Wales.

AFP

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Comments - 29

cricket lover Tuesday, 12 April 2011 01:40 AM

At least we could have been satisfied if won the world cup...which deprived due to unnecessary political interferences....

Senior Citizen Wednesday, 13 April 2011 03:59 AM

Yes for the political favourites to make more money from you and me.

sinhalaya Tuesday, 12 April 2011 02:17 PM

What sort of debt will the Commonwealth Games leave Sri Lanka with?

Citizen Tuesday, 12 April 2011 02:12 PM

Poor people of the country has to pay finally.
SIN !!!

Citizen Tuesday, 12 April 2011 02:03 PM

Is SF, UNP,JVP, or Arjuna responsible for this ?

Mohan Tuesday, 12 April 2011 12:11 PM

This is not the commision but 25% of the commision ;-)

Aks Tuesday, 12 April 2011 10:48 AM

Yet, we want to host Commonwealth games as well

Sri Minnal Tuesday, 12 April 2011 09:20 AM

It seems we cannot manage a single project well. Who is going to blame whom?

Shan Fernando Tuesday, 12 April 2011 04:11 AM

So what? everything in Sri Lanka at a lost

kenny_fdo Tuesday, 12 April 2011 02:18 AM

Asiyawe Robin Hood

bren Tuesday, 12 April 2011 02:16 AM

NAme one who lost that much of money?

DUWI Tuesday, 12 April 2011 02:11 AM

Is the cost with commissions????

Suny J Tuesday, 12 April 2011 01:54 AM

A TV talk show on monday in a private televison channel gave answers for this .....!! Suba Anagathayak

Gunasili Tuesday, 12 April 2011 01:53 AM

What percentage of this has gone to individul pockets

Spell King Tuesday, 12 April 2011 01:45 AM

He is warning that prices essential goods will be increased soon! Haha

cracko Monday, 11 April 2011 04:56 PM

Other countries make money on such hosting. Sri Lanka is amazing. But then, the Rajapakse's could compensate from their wealth.

LIMA Tuesday, 12 April 2011 01:37 AM

how much from the 24m has gone to personal funds , independent investigation , but that too from the bunch , how to handle any matter in sri lanka ????????

Dinesh Tuesday, 12 April 2011 01:19 AM

Most people thought grounds were built by MR from his own pocket since one of them name in his name!!! If we dont have suffiecent money what is the neccesaity to build two instead of one ???

lankaputhra Tuesday, 12 April 2011 12:54 AM

Rata kanawa...Does it includes the money pocketed by our politicians?

True Blue Tuesday, 12 April 2011 12:37 AM

Is this what we need an expensively maintained Sri Lanka Cricket for? Any govt corporation could lose money, as most of them do!

sena Tuesday, 12 April 2011 12:23 AM

mind you minister we have more urgent serious problem of mal and under nourishment which will have serious effects in future

Samantha Tuesday, 12 April 2011 12:01 AM

But the minister is still complains that he could not spend tax payers money to buy tickets, more tickets.

Titanic Tuesday, 12 April 2011 12:00 AM

He is saying the prices of gas and Gasoline will increse very soon

Asoka Monday, 11 April 2011 05:39 PM

So you are very proud about it!

Ajantha Dissanayake Monday, 11 April 2011 05:37 PM

So what , poor people of this country will pay it.

Dammika Monday, 11 April 2011 05:09 PM

WC leaves our bank accounts with $23M?

laks Monday, 11 April 2011 05:08 PM

after selling tickets for Rs50 ; how can you gain any????

Shyamali Monday, 11 April 2011 05:15 PM

ara leak wena stadium walata????

Royalist Monday, 11 April 2011 04:57 PM

We can keep our mouths open until we get 25m from the ICC!!!

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WC leaves Lanka in $23m debt

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