Island Cricket

Saturday, February 2, 2008

South Africa's pull out caused huge financial losses

AFP reports state a top official at SLC has disclosed that South Africa's pull out of Sri Lanka following a Tamil Tiger suicide attack on Pakistan's top envoy to Sri Lanka has resulted in loss of 11 million dollars.

"We lost 1.2 billion rupees (11 million US dollars) due to South Africa's pulling out. That was the only revenue forthcoming in 2006," Kangadaran Mathivanan, Sri Lanka Cricket (SLC) secretary, told AFP.

The triangular series was due to take place in August 2006 between the hosts, South Africa and India. India stayed to play Sri Lanka, however rain disrupted the matches.

Mathivanan's remarks came after his new boss, Arjuna Ranatunga, who took over the reins of SLC last month, said that the governing body of the sport here had no money left and was banking on financial support from India to stay afloat.

Mathivanan added an out-of-court settlement with a television company cost the SLC five million dollars.

It was in addition to unbudgeted expenditure such as the development of a new stadium at Pallekele in the central district of Kandy and the refurbishment of the Galle stadium devastated by the 2004 tsunami.

"Pallekele cost us 225 million rupees and Galle another 500 million rupees. These are the expenditures that made us operate on an overdraft," Mathivanan said.

"The total shortfall in revenue and additional expenditure totalled 2.3 billion rupees," Mathivanan said.

Ranatunga said SLC was currently surviving on a six-million dollar bank overdraft, but India's Test and one-day tour of Sri Lanka in July-August would boost his organisation's finances. - AFP

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