RS 100 million Lanka Premier League (LPL) profit is only an ‘anticipated profit’ as the tournament even right holder company is yet to settle the amount, Cricket Age reliably learns.
The Innovative Production Group FZE (IPG), a company incorporated in Dubai, was granted the ‘Event Rights,’ in respect of LPLfor a period of five years, commencing from the year 2020. Accordingly, the IPG entered into a contract with Sri Lanka Cricket (SLC) wherein the company obliged to pay USD 1,925,000 per year as the ‘Event Rights Fee’ for the years 2020 and 2021.
“The claim of former SLC president Shammi Silva camp might be true that board made a profit of RS 100 million from the first edition. However, it has also to be considered that the IPG has still not settled the amount. So, it’s just an anticipated profit” a Sri Lanka cricket expert told Cricket Age.
It has also learned that even after 3 months, Nawaloka hospital, suppliers and hotels payments are yet to be paid by the Singapore based group.
Yesterday (April 3) Cricket Age had published that the ousted Shammi Silva administration has claimed that the inaugural edition of the LPL made a profit of RS 100 million, despite it was being played in the middle of a global pandemic. The first edition of LPL was held in November last year and despite last minute high profile withdrawals, Shammi Silva camp declared it a success.
“In it’s first edition itself, LPL was a big success for the cricket board. Through franchise ownership, sponsorship we made a staggering profit of RS 100 million” a member of Shammi Silva camp had told Cricket Age.