Sri Lanka Cricket beats the odds to return a surplus
Mar 09, 2017 06:08 AM GMT+0530 | 0 Comment(s)
FINANCIAL SCORE: Sri Lanka Cricket President Thilanga Sumathipala (L) and Sports Minister Dayasiri Jayasekera at the launch of cricket board’s annual accounts for 2016 at the ministry auditorium March 8, 2017.
ECONOMYNEXT - Sri Lanka Cricket which was expected to record a deficit of over 800 million rupees in calendar 2016 has ended the year with a cash surplus of over 200 million, financial data showed Wednesday.
The former Interim Committee had budgeted a revenue shortfall of 829 million rupees for 2016, sharply down from a surplus of 711 million in the previous year, but the new board had managed to cut costs and increase revenues.
"Financially, Sri lanka cricket was not on a good wicket last year, but I congratulate the new board for turning it around and posting positive results," Sports Minister Dayasiri Jayasekera said.
The minister was given the annual results of Sri Lanka Cricket by its President Thilanga Sumathipala who said it was difficult year when they had to carry out spending cuts while maintaining funding in critical areas.
The budget prepared for 2016 by the Interim Committee envisaged an income of 2.84 billion rupees, but the board ended the year with a revenue of 3.24 billion rupees.
On the expenditure side, the new board underspent the budgeted figure of 3.08 billion rupees and ended up spending 2.42 billion rupees. This resulted in a cash surplus of 228 million rupees after providing 595 million rupees for depreciation.
Sumathipala said his new board had begun clearing a debt of 567 million rupee to the State Engineering Corporation and the first tranche of 150 million rupees was already paid last year.
“Our idea is not to blame previous committees, but look to the future and develop the game,” Sumathipala said adding that they were able to achieve better results than what the previous committee had thought possible in calendar 2016.
He expects to generate an income of 30 million dollars over four years to spend on developing cricket at provincial level to ensure there is a pool of latent to choose national players. (ECONOMYNEXT, March 8, 2017)