Published: 05 April 2013
Sri Lanka Cricket (SLC) is paying a hefty US$ 55,000 or approximately Rs. 7 million monthly as interest to the state run Bank of Ceylon for the existing loan of US$ 11.1 million (Rs. 1.4 billion).
SLC said, out of the US$ 18.43 million bank loans, they had paid of US$ 7.33 million out of commercial revenue generated during the year. In addition Treasurer Nuski Mohamed said SLC had paid off Rs. 950 million owed to various creditors including national players, suppliers and 2011 World Cup creditors during the last financial year.
"Year 2102 was an excellent year for SLC with a nett surplus of Rs. 1369 million. We have used the entire amount for the capital payment including interest to Bank of Ceylon," said Mohamed.
Having failed to convince the ICC to grant them a refinancing facility in January to pay off the loan, SLC is working on obtaining another refinancing facility from Bank of Ceylon to meet the ends in a financially unprofitable year.
SLC owes Rs. 3.2 billion to two state institutions, Sri Lanka Ports Authority and the State Engineering Corporation for the construction of stadiums but Mohamed said that they are discussing with the Treasury to wipe if off from its balance sheet.
Post a comment
Schools Rugby Week 7
St Josephs 18 beat Trinity 17
Wesley 25 beat Science 14
Kingswood 41 beat St Peters 15
Isipathana 27 beat Royal 20
Dharmaraja 48 beat St Anthonys 26
Dialog Club Sevens
Cup Finals – Upcountry Lions beat Havelocks 14-12
Plate Finals - CR&FC bt Police 38-00
Bowl Finals - Kandy B bt Air Force B 24-00
Shield Finals CR&FC B bt Army B 19-12
Dialog Champions League
Ratnam SC 0 Saunders SC 0
Blue Star SC 4 Super Sun SC 0
Colombo FC 0 SL Navy SC 0
Java Lane SC 1 SL Air Force SC 0
Negombo YSC 1 Matara City SC 1
Don Bosco SC 1 SL Police SC 1
Pelicans SC 1 Renown SC 1
New Young’s SC 1 Kalutara Park SC 0
Up Country Lions SC 1 Solid SC 1