BCCI eyeing more than half a billion dollars loss due to IPL postponement
Image : Collected
||CF Correspondent ||
Scrapping the money-spinning Indian Premier League this year because of the coronavirus pandemic would cost more than half a billion dollars.
The world’s richest Twenty20 tournament is staring at a first wipeout in its 12-year history after the original March 29 start date was postponed repeatedly and cancellation of the IPL for 2020 would mean a huge financial hit.
‘The BCCI is looking at a big revenue loss. In case the IPL does not take place, the loss would be close to 40 billion rupees ($530 million), or even more,’ said Board of Control for Cricket in India treasurer Arun Dhumal.
‘We are not sure whether we will be able to have it this year,’ he admitted.
A one-day international series against South Africa in March has already been cancelled but it is the IPL, which began in 2008, that generates the bulk of BCCI revenue and is thought to be worth more than $11 billion a year to the Indian economy.
India, like other cricket nations, is anxious to see a return to competitive international sport, but has to follow government orders and advice.
‘We will only be able to figure out the exact revenue loss once we are sure of how many games we have lost,’ said Dhumal.
The IPL brand value was estimated at $6.7 billion last year by the Duff and Phelps financial consultancy.
Indian broadcaster Star Sports paid more than $220 million for five years of TV rights up to 2022. But it was reportedly targeting $400 million of revenue in 2020 alone.
