Cash-strapped Sri Lanka Cricket (SLC) will turn to its trusted lender, Bank of Ceylon for a re-financing facility after they failed to obtain a loan from the International Cricket Council (ICC), Ceylon Today learns.
Sri Lanka put in a request to the ICC in January to obtain a loan of US$ 8.7 million (approximately Rs. 1 billion) considering the lean period ahead to pay off a loan in full to the Bank of Ceylon. They (SLC) owe US$ 8.7 million or Rs 1 billion to the Bank of Ceylon.
Sri Lanka has indicated to the ICC that they could recover the loan from the 2015 Cricket World Cup proceeds that the island is entitled to but the ICC was not convinced.
Sri Lanka is struggling for funds to make ends meet due to a lean Future Tours Programme, where Sri Lanka will have a solitary three match ODI and a T20 series against New Zealand in November.
The Executive Committee has therefore advised its treasurer Nuski Mohammed to negotiate a refinancing facility with the state bank to ease their burden in an extremely difficult financial year ahead.
Meanwhile, the government has indicated that it would bear the construction costs of the three-stadia, R. Premadasa, Pallekele and Hambantota which amounts to a staggering Rs. 3.2 billion.
For the 2011 Cricket World Cup, Sri Lanka took up a major infra-structure drive, building two new venues and refurbishing one to host the matches in Sri Lanka.
Meanwhile Sri Lanka Cricket will incur a loss of Rs. 84 million from the current series against Bangladesh.
Sri Lanka is currently hosting Bangladesh for two Tests, three ODIs and one T20 match and the tour would only generate a forecasted income of Rs. 31 million as opposed to the expenditure estimated at a staggering Rs. 115 million.
by Champika Fernando
