SLC hits financial rock bottom, awaits govt bail out
In what can be termed as the worst financial crisis, the Sri Lanka Cricket (SLC) has hit rock bottom and is awaiting government's bail out, the Board officials said today.cricket Updated: Nov 02, 2011 00:14 IST
In what can be termed as the worst financial crisis, the Sri Lanka Cricket (SLC) has hit rock bottom and is awaiting government's bail out, the Board officials said today.
SLC has not being able to pay salaries to its staff for October and to around 100 contracted Sri Lankan cricketers since the island nation co-hosted the World Cup with India and Bangladesh in April earlier this year due to the debt that the country's Board is facing.
Some 263 employees of the Board and 94 contracted cricketers' payments remain outstanding to be settled, the officials confirmed.
There are reports that the because of the debt, SLC may not be in a position to pay the players for the next two months as well, SLC's interim committee chief Upali Dharmadasa had admitted earlier.
Help on the way
Sports Minister Mahindananda Aluthgamage has assured that an overdraft of R400 million from a state bank, which should be approved in a week, should ease all SLC's liquidity problems.
The Board officials, meanwhile, claim that the International Cricket Council (ICC) owes 4.3 million dollars for hosting the 2011 World Cup. But the audit requirements have delayed the disbursement of the ICC money.
SLC needs over R30 million monthly to meet its contractual payment obligations and staff wages.
The number of staff has gone up from 12 in 1996 when Sri Lanka won the World Cup to over 260 now and the management is often criticised for its extravagance.
First Published: Nov 02, 2011 00:12 IST