SLC gain big in 2022 – largely due to rocketed USD rate
The financial statement for the year 2022 reveals that Sri Lanka Cricket (SLC) recorded an after-tax profit of Rs 6.34bn. This significant surplus was largely attributed to the sharp appreciation of the dollar, which resulted in an exchange gain of Rs 6.05bn. The US dollar’s value rose from Rs 200.75 at the beginning of the year to Rs 366.71 at the end.
SLC’s total revenue for the year amounted to Rs 17.58bn, while its expenditures totaled Rs 11.24bn. The Board receives dollar payments from the International Cricket Council (ICC) through annual distributions to its members, television rights sales and team sponsorships.
The ICC contributed
Rs 4.79bn to SLC through the annual distribution quota, which was Rs 2bn more than the previous year. SLC received Rs 2.77bn from the ICC in 2021, and the increase in 2022 was primarily due to the exchange gain.
SLC also generated revenue amounting to Rs 4.24bn through international tours, international TV rights and ground rights and player releases to the Indian Premier League (IPL). The IPL paid SLC Rs 63.40mn, a significant increase compared to the Rs 6mn paid in the previous year.
SLC’s largest expenditure during the same period was on international cricket, including expenses for international tours, the national team, ‘A’ team tours, junior team tours and the national women’s team. These expenses amounted to Rs 4.26bn, a substantial increase from the previous year’s Rs 2.44bn. SLC has spent over Rs 280mn on women’s cricket as compared to Rs 35mn in 2021, showing the board’s keenness to lift the standard of the women’s cricket.
In terms of domestic cricket, SLC spent Rs 2.277bn, including Rs 1.632bn on conducting local tournaments. This marked an increase of over Rs 1.21bn compared to the previous year. The increase was largely due to the launching of the National Super League–a five team elite tournament with the participation of country’s top 100 cricketers.
Development work accounted for Rs 599mn in expenditure, while administrative and other expenses, including donations for various charity projects, amounted to Rs 3.55bn. This included staff costs of Rs 938mn, administration expenses of Rs 1.256bn, donations worth Rs 1.219bn, and legal expenses of Rs 104mn.
The figure for legal fees saw a significant increase compared to the previous financial year, where the Board’s expenses were Rs 57.89mn. The financial statements indicate that SLC was involved in 33 litigations during the year but settled four of them.
Despite the economic crisis and its impact, SLC has been actively contributing to supporting affected communities. The financial statements reveal that SLC donated Rs 906mn to the Ministry of Health and Rs 279mn to the sports fund, amounting to a total of Rs 1.21bn in donations made during the year.