Sri Lanka’s cricket board today announced a profit of US$ 14 million last year, far above all previous records despite one of the worst on-field performances by the islanders in years.
Revenues, at six billion rupees, were roughly double 2016 figures, Sri Lanka Cricket said in a statement.
This record marks a 3-fold year-on-year increase compared to the Rs. 2.1 billion of net profits earned in 2021, SLC claimed
“This was a result of SLC’s strategic growth plans and prudent financial management,” the board said in a statement.
The latest growth in net income was mainly generated from four revenue segments, which are international cricket, domestic cricket, sponsorship contracts, and ICC annual member ship disbursements..
Sri Lanka Cricket invested a sum of Rs. 2.27 billion on domestic cricket in 2022, which was utilized to play domestic tournaments, operate the high performance center, pay compensation for domestic players and officials, and also finance school cricket development.
Stadium management and administration grants for district and provincial associations, and member clubs totaled Rs. 599 million during the year under reference
The board did not elaborate on its dramatic turnaround.But sources attributed the sharp rise in profits to a packed 2017 calendar which featured home series against Bangladesh, India and Zimbabwe.
Earnings from the broadcasting of the Indian tour were thought to be a major contributor to the coffers, but Sri Lanka Cricket would not comment.
The record-breaking profits were the only good news from an otherwise woeful spell for Sri Lanka cricket, with the islanders enduring their worst year on the pitch since winning the World Cup in 1996.
They suffered a full series defeat against India and humiliatingly lost a home one-day series to bottom-ranked Zimbabwe.They also bowed out early from the Champions Trophy in June last year
During the year under reference, Sri Lanka Cricket invested Rs. 4.2 billion on playing international cricket, consisting of inbound and outbound tours of the national team, the “A” team, junior team tours, and the national women’s team tour expenses.
Rs. 1.2 billion was invested in fulfilling Sri Lanka Cricket’s corporate social responsibility program, which consisted of a grant of over Rs. 900 million for the country’s health sector (including donations for the Apeksha Cancer Hospital and Lady Ridgeway Hospital).
it has provided over Rs. 278 million for the National Sports Fund, among other grants such as Rs. 25 million to renovate the Gangarama Rajamaha Viharaya in Kandy, etc