Lyca Group owner Allirajah Subaskaran arrives in Sri Lanka

Allirajah Subaskaran, the British-Sri Lankan billionaire and owner of Lyca Group, arrived in Sri Lanka on Saturday (August 19).

Subaskaran, renowned as the founder and chairman of the UK-based Lyca Group, has been actively expanding the group’s business operations in the South Asian region, with a particular focus on 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.

His arrival follows Minister Bandula Gunawardene’s announcement last week that Channel Eye had been leased out to LycaMobile Group on a short-term agreement.

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 LycaMobile Group for the purpose of broadcasting sports events, with a monthly payment of Rs. 25 million.