Sri Lanka Cricket no more cash-strapped | Sunday Observer

Sri Lanka Cricket no more cash-strapped

Sri Lanka Cricket president Thilanga Sumathipala (left) presents his annual accounts statement to Sports Minister Faizer Mushtapha at his ministry
Sri Lanka Cricket president Thilanga Sumathipala (left) presents his annual accounts statement to Sports Minister Faizer Mushtapha at his ministry

The media branding of Sri Lanka Cricket as a “cash-strapped” organisation is now a thing of the past as the sport’s governing body says it has recorded a gross income that has jumped to Rs.6.19 billion which it claims is the “highest in history” marking almost a hundred percent rise from the previous year.

Sri Lanka Cricket (SLC) made the disclosure when its swashbuckling president Thilanga Sumathipala presented Sports Minister Faiser Mushtapha with the organisation’s annual financial report on Wednesday.

Sumathipala is seeking a second two-year term in office at an election scheduled for May 31. According to SLC, its financial success for 2017 was the outcome of a professional conduct of its affairs.

“This was achieved owing to SLC’s present administration’s prudent financial management”, SLC said in a statement.

Providing a breakdown of the achievements, SLC disclosed that its liquidity level turned positive after eight years to record a sum of Rs. 1.99 billion while the net income rose to Rs 2.12 billion in 2017. It further said that cash and cash equivalent for 2017 recorded a sum of Rs. 2.4 billion.

While comparing figures which it said showed a clear difference from a bankrupt past to a profitable present, SLC claims that during the year 2016, the year in which Sumathipala was installed as president, liquidity levels stood at “negative” level. “During the year 2016, the liquidity levels of the SLC stood at a negative Rs. 572 million, while in 2015 it was around a high of Rs. 985 million; with its worst year being the year 2011, which amounted to a negative Rs. 4.25 billion”, SLC added in its statement.

It further said that SLC’s net income of Rs 2.12 billion in 2017 showed that a mere Rs 64 million was earned in the previous year.

“This is a 33 times increase and was a result of SLC’s strategic growth plans and prudent financial management. Cash and Cash equivalent jumped to Rs. 2.4 billion during the year 2017, from Rs.410 million recorded in 2016 and just Rs. 117 million recorded in 2015”, SLC’s disclosure further said.

According to another claim by SLC, its present financial liabilities have been reduced to Rs. 1.3 billion from Rs. 4 billion in 2015 while investment in domestic tournaments rose to Rs. 464 million in 2017 compared to Rs. 241 million in 2016.

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