Controversial British-Sri Lankan tycoon Allirajah Subaskaran, the owner of Lyca Group, arrived in Sri Lanka yesterday.
His arrival follows Minister Bandula Gunawardene’s announcement last week that Channel Eye had been leased out to Lyca Mobile Group on a short-term agreement.
Subaskaran, who is the founder and chairman of the UK-based Lyca Group, has been expanding the group’s businesses in the South Asian region, particularly in India and Sri Lanka. In 2021, he acquired the Jaffna franchise of the Lanka Premier League and has been an influential stakeholder in the league since then.
Minister of Mass Media Bandula Gunawardena earlier said that Channel Eye was leased out to Lyca Mobile Group on a short-term agreement, refuting claims that the Cabinet Paper regarding this matter had been rejected. He said during a Cabinet briefing that the decision to lease out the financially struggling Channel Eye was made by the Director Board with his approval as the subject minister.
The Minister further explained that only the airtime of the Channel has been leased out to Lyca Mobile Group for the purpose of broadcasting sports events, with a monthly payment of Rs. 25 million.