Amidst frailty, SLC accounts show notable recovery in 2024
SLC’s total revenue in 2024 climbed to Rs. 17.98bn, up almost by 48% from Rs. 12.16bn from the previous year. This surge was anchored on three pillars — international cricket, ICC distributions, and domestic tournaments.
International cricket receipts grew from Rs. 3.09 billion in 2023 to Rs. 5.14 billion in 2024, powered by the Men’s World Cup, the Asia Cup, and a busy calendar of inbound and outbound tours. Most of this Rs. 4.63bn was derived from broadcast rights, ground rights, and gate receipts. Women’s tours, while vital for development, contributed only marginally to the coffers.
The most dramatic lift came from the ICC, which channelled Rs. 10.16bn to SLC, up nearly Rs. 4.3bn from 2023. The increase was largely due to a one-off distribution of USD 13.1mn (around Rs. 3.96bn), tied to ICC’s revenue cycle from 2016 to 2023, but paid out only in 2024. While this cheque has temporarily burnished SLC’s books, it is non-recurring and cannot form the basis of future planning.
Domestic cricket too showed promise, with the Lanka Premier League (LPL) continuing to grow, with an income rise to Rs. 1.15bn, up from Rs. 842mn the year before, bolstered by the Lanka T10 Super League and other tournaments. Sponsorships generated Rs. 765.5mn, although growth here was muted and padded by prior-year adjustments. Other streams included membership subscriptions (Rs. 1.7mn) and ‘other income’ of Rs. 747.9mn, largely from interest and ground hire.
But if revenues soared so too did expenses. Operational costs surged to Rs. 16.35bn in 2024, compared with Rs. 12.07bn in 2023. International cricket alone absorbed Rs. 6.22bn, up 46%, with travel, logistics, player contracts, and event management all adding weight.
Domestic cricket expenditure swelled to Rs. 3.65bn, reflecting the growing costs of running tournaments such as the LPL and Lanka T10 League. Development programmes nearly doubled to Rs. 2.32bn, with funds channelled into refurbishing provincial centres, turf wickets, indoor nets, high-performance training, and support for district squads.
Administration and other costs totalled Rs. 3.88bn, with salaries and allowances alone amounting to Rs. 1.77bn. It also spent Rs. 165bn on administrative matters and a further Rs 250.48mn on lawyers. SLC also made donations of Rs. 174.6mn, ranging from support for athletics and carrom to hockey turf construction and rugby tours. These contributions underline SLC’s role in wider sports development, but they inevitably raise questions about whether cricket’s resources are being spread too thin. Marketing and communications cost another Rs. 273mn, reflecting campaigns to bolster the national team’s brand.
The result of this tug-o-war was an operational surplus of Rs. 1.63bn before finance, depreciation, and exchange effects. This was a sharp improvement on the slender Rs. 90mn posted in 2023. Yet once finance costs (Rs. 71mn), depreciation and amortisation (Rs. 796.9mn), and a punishing exchange loss of Rs. 832.4mn were factored in, as the gains evaporated. The exchange loss alone nearly erased the surplus, underlining SLC’s exposure to currency volatility.
The bottom line was a pre-tax deficit of Rs. 68.9mn. Only a tax reversal of Rs. 111.6mn nudged SLC back into the black, producing a net surplus of Rs. 42.7mn. This was a modest improvement, but a world away from the Rs. 2.11 bn deficit of 2023. Other comprehensive income, mainly from actuarial gains and deferred tax adjustments, added Rs. 97.6mn, bringing total comprehensive income to Rs. 140.3mn.