Sri Lanka Premier League cancelled

The Sri Lanka Premier League has been cancelled after franchise owners failed to deposit bank guarantees.

The Sri Lanka Premier League has been cancelled after franchise owners failed to deposit bank guarantees. Picture: Stock.XCHNG

COLOMBO - The Sri Lanka Premier League (SLPL), due to start on August 10, has been cancelled after franchise owners failed to deposit bank guarantees.

"Sri Lanka Cricket regrets to announce that the SLPL 2013 ... will not take place due to the fact that the franchisees have failed to pay the franchise consideration for this year and more importantly have failed to deposit with SLC the bank guarantees to secure the player payments," Sri Lanka Cricket's executive committee said in a statement on Wednesday.

The inaugural SLPL last year produced a profit of $2.2 million. This year is a lean one for Sri Lanka Cricket with only a handful of international tours

Sri Lanka Cricket cancelled a three-test series against the South Africa, currently touring the country, and opted for seven one-day matches to accommodate the SLPL.