Sri Lanka Premier League to be cancelled due to lack of investors

A formal announcement of the cancellation is likely to be made on Wednesday © AFP

Colombo: Jul 17, 2013
 
Sri Lanka Cricket (SLC) has decided to shelve the Sri Lankan Premier League (SLPL) for 2013 due to lack of interest from investors in the franchise.
 
According to Daily Mirror report, the decision was taken on Tuesday evening at an emergency meeting between Somerset Entertainment Ventures (SEV) and SLC officials. The official from SLC stated that lack of prospective buyers and a formal announcement is likely to be made on Wednesday.
 
“The ownership period for a franchise was cut back last year to seven years from the originally agreed 25 years due to a controversy over the time frame. However, when the franchises raised concern this year saying that seven years was not enough to make it a profitable investment, SLC changed the clause again to make the ownership period a 25-yer term. We were very flexible and did so much to accommodate all kinds of their requests. In short,we bended backwards to them. It is really unfortunate that they decided to sabotage it,” said a SLC official.
 
According to reports, three investors were ready to continue their association with the league but refused to confirm unless other franchises agreed to participate.
 
“We were really concerned that they did not deposit the bank guarantees for player fees by today’s deadline. If they can’t show that they are genuine, how can we trust that they would honour the payments of players? We have to think about the players above all. Even the FICA (Federation of International Cricketers’ Associations) is adamant on the bank guarantees for player payments,” he further added.
 
This shelving of the league this year is sure to hit the board hard cutting off a major source of finance. In the absence of SLPL, the board will be left to fend their financial problems again. The inaugural edition of the league fetched Rs 289 million for the Lankan board.