This tournament will be sponsored by Ceylon Cold Stores Limited and conducted by the Sri Lanka Schools Cricket Association. In fact this sponsorship package will continue until the year 2003.
The tournament will be worked off in two stages, the Lemonade Cup League championship and Lemonade Cup limited over tournament. The teams are divided into three groups namely Lemonade Group 'A', Group 'B' and Group 'C'.
The Group 'A' will consist of 25 teams, Group 'B' will include 27 teams and Group 'C' the remaining 83 teams. The newcomers to this year's tournament are Kataragama Central College, St.John Bosco MV, Vidyaloka MV and Kavantissa MV.
After the completion of the league tournament a total of 32 teams will be selected for the limited over knock-out competition. Eighteen schools from Group 'A', ten schools from Group 'B' and four schools from Group 'C' will contain the final 32 teams. The limited over finals will be played with coloured shirts provided by the sponsors Ceylon Cold Stores Limited.
The League champions and the limited over champions will receive cricket materiel worth Rs.15,000. In addition the best batsman, best bowler and the best all rounder in each group will be presented with a cricket bat. The best bowler, best batsman and the man of the match of the limited over tournament final will also receive a cricket bat.