Sri Lanka Cricket pays off debts with TV rights proceeds

June 27, 2008 (LBO) – Sri Lanka Cricket, the island’s richest sporting body, said it has paid off its debts with proceeds from the sale of television rights for the forthcoming tour in the island by India.

The board lost 11 million dollars when South Africa pulled out of a triangular one-day series in 2006, after a suspected Tamil Tiger suicide bomb attack near the team’s hotel.

An out-of-court settlement with a television company cost the cricket board another five million dollars.

It also had to meet unbudgeted expenditure of 225 million rupees to develop the new stadium at Pallekele in the central district of Kandy and 500 million rupees to refurbish the southern Galle stadium devastated by the 2004 tsunami. Sri Lanka Cricket’s main source of funding today is the sale of television rights to home internationals.

” . . all financial liabilities with banks, including pending overdrafts over 600 million rupees have been settled on June 20 with payments received from the sale of TV rights for the forthcoming India tour of Sri Lanka,” it said in a statement.

India’s Test and one-day tour of Sri Lanka is to take place during July-August.

Earlier this month, Sri Lanka Cricket chie