LPL deal expected to bring SLC US$ 11 million

A deal set to be signed by Sri Lanka Cricket with a Dubai based company awarding commercial rights is set to bring them close to US$ 11 million over a five year period.

SLC has received a proposal from Innovative Production Group (IPG) who are offering US$ 1.9 million for the rights of the inaugural edition of the LPL. They will provide a further US$ 1.9 million in the second year and then there would be an increase of 10% each for the next three years making it a total of US$ 11 million over a five year period.

Accordingly, IPG will own the franchise, ground and television rights of the event.

While most of the logistical costs will have to be undertaken by IPG, SLC will provide ground facilities and look after umpires and match officials.

SLC sources said that the deal will be signed once IPG provides audited accounts. The board is looking forward to either get the full payment or get a bank guarantee.

Once the agreement is signed, SLC will be working towards getting the approval of health authorities to go ahead with the event.

SLC officials were discussing with Health Ministry to get approval for 72 hour PCR test for overseas players instead of the two week quarantine regulation that is in place at the moment.

Although the initial plan was to start the tournament later this month, officials said that the realistic goal is to get the competition underway next month.