Sri Lanka Cricket reaps record profits despite shocker year

The board said that it made a net profit of 2.12 billion rupees ($14 million) in 2017 — a staggering 33 times what it made the year before.

Sri Lanka suffered a full series defeat against India and humiliatingly lost a home one-day series to bottom-ranked Zimbabwe in 2017. (File Photo)   -  AKHILESH KUMAR

Sri Lanka's cricket board on Wednesday announced a profit of $14 million in 2017, far above all previous records, despite one of the worst on-field performances by the islanders in years.

The board said that it made a net profit of 2.12 billion rupees ($14 million) in 2017 — a staggering 33 times what it made the year before.

Revenues, at six billion rupees, were roughly double the 2016 figures, Sri Lanka Cricket (SLC) said in a statement. “This was a result of SLC's strategic growth plans and prudent financial management,” the board said in a statement.

READ: Udawatte headlines uncapped quartet in Sri Lanka squad

The board did not elaborate on its dramatic turnaround. However, sources attributed the sharp rise in profits to a packed 2017 calendar, which featured home series against Bangladesh, India and Zimbabwe.

Earnings from the broadcasting of the Indian tour were thought to be a major contributor to the coffers, but Sri Lanka Cricket would not comment.

The record-breaking profits were the only good news from an otherwise woeful spell for Sri Lanka cricket, with the islanders enduring their worst year on the pitch since winning the World Cup in 1996.

It suffered a full series defeat against India and humiliatingly lost a home one-day series to bottom-ranked Zimbabwe. It also bowed out early from the Champions Trophy in June 2017.