Srinagar, May 4: The postponement of Indian Premier League (IPL) due to COVID-19 is only the start , as Board of Control for Cricket in India (BCCI) is set suffer loss of more than Rupees 2200 crores due the halt.
IPL was on Tuesday indefinitely stopped after positive COVID19 cases surfaced in multiple franchisee teams.
It prompted BCCI and IPl Governing council to take unanimous decision of suspending the league .
As the league has now been stopped , BCCI is evaluating the financial loses that it will be incurring .
As per PTI report BCCI is likely to suffer around Rs 2200 crore loss as per early estimates .
” We would be losing anything between ₹2000 to ₹ 2500 crore for the midway postponement of this season. I would say something in the range of ₹2200 crore will be closer to accurate estimation,” a senior BCCI was quoted by PTI.
The 52-day 60-match tournament would have concluded in Ahmedabad on May 30. However, only 24 days of cricket was possible with 29 completed games before the virus halted proceedings.
The biggest loss for BCCI is the money it gets from Star Sports for the broadcast rights of the tournament.
Star has a five-year contract worth ₹16,347 crore which is ₹3269.4 crore per year. If there are 60 games in a season, the per match valuation comes to approximately ₹54.5 crore.
If Star pays per match, then the amount for 29 matches would be ₹1580 crore approximately out of what would have been ₹3270 crore for a full tournament. This means a loss of ₹1690 crore for the Board.
Similarly, mobile manufacturers VIVO, as tournament’s title sponsors, pay ₹440 crore per season and BCCI is likely to get less than half of that amount because of the postponement.
Add to it, associate sponsor companies like Unacademy, Dream11, CRed, Upstox, and Tata Motors, who pay in the range of ₹120 crore each. Some subsidiary sponsors are also there.