COLOMBO, Sept 16: Sri Lanka will spend US$22.5m to improve its international venues and become Asia’s cricketing hub, a state-run daily reported Tuesday.

The cricket administration, which has changed its name and set up a commercial arm as part of moves to win tax-free concessions offered by the state to foreign exchange earners, hopes to earn US$30m in four years.

The Daily News said the money will come from international sponsors, television rights, guarantee fees for foreign tours and from international tournaments.

Sri Lanka Cricket, formerly known as the Board of Control for Cricket in Sri Lanka (BCCSL), will spend 75 percent of its earnings, or US$22.5m, to develop the island’s five Test venues.

The BCCSL voted on Sunday to name itself Sri Lanka Cricket (SLC), officials said. A ceremony will be held this month to formally unveil the name.

The board said in a statement it had also established a commercial arm, SLC Incorporated, that would seek recognition from the state-run Board of Investment (BOI) to qualify for tax-free concessions.

An official said the move was aimed at separating the administration of the game and its commercial operations to ensure better management and improve earnings.

BOI-recognised companies are offered a plethora of tax incentives to boost foreign exchange receipts.

Sri Lanka’s cricket board, currently headed by Colombo-based businessman Thilanga Sumathipala, is one of the richest sporting bodies in the country.—AFP