The move is seen as part of Ukraine's efforts to reinforce its army as soldiers struggle to hold positions against Russia
The Indian cricket board faces losing about $270 million in revenue after its lucrative and star-studded Indian Premier League (IPL) was halted by the Covid-19 crisis in the country, a senior official said on Wednesday.
The world’s richest Twenty20 league was approaching its halfway stage before it was suspended indefinitely on Tuesday following bubble breaches in two venues.
“The ballpark figure for revenue loss would be to the tune of 2000 crore rupees (20 billion),” Arun Singh Dhumal, treasurer of the Board of Control for Cricket in India (BCCI), said. That equates to about $270 million.
“Given all our contractual obligations, we are yet to find out what would be the actual figure,” he said, adding that the governing body’s immediate priority was to ensure the league’s foreign players returned home safely.
The eight-team IPL, featuring celebrity owners including the great and the good of business and Bollywood, attracts the biggest names in world cricket to a nation devoted to the sport.
Players include the likes of India captain Virat Kohli, England all-rounder Ben Stokes and Australian batsman Steve Smith.
STAR Sports bagged the IPL’s television and digital rights for 2018-2022 for 163.48 billion rupees, agreeing to pay about 545 million rupees per game in a 60-match season.
With only 29 games of 60 completed before the pandemic halted this year’s IPL, the BCCI could lose a chunk of that pot.
“You get paid for what you deliver,” said Thomas Abraham, co-founder of SportzPower, a company that monitors sports business in India.
STAR Sports supported the decision to suspend the league but its officials were not available to discuss the financial implications when contacted by Reuters.
Indian cricket bosses are hoping to resume the league in late September, but that appears a tough challenge given the Covid-19 infection risks involved in a country being hit hard by the pandemic.
IPL BRAND DENTED
According to financial consultancy firm Duff & Phelps, the IPL’s brand value had already shrunk 3.6% to $6.19 billion last year because of the pandemic, which forced the BCCI to stage the league in the UAE.
Duff & Phelps says its method estimates the value of a business based on the cash flows it is expected to generate over its lifetime.
Abraham said the league’s brand value had suffered this year too, before the suspension, as it forged ahead with games in the face of criticism from some cricket pundits, columnists and fans.
“SportzPower’s view is that IPL’s brand value has taken a hit because IPL promoter BCCI was tone-deaf in how it went about delivering the IPL in the middle of a raging pandemic,” he said.
The BCCI distributes half of its central pool of revenue, from broadcasting and the main IPL sponsors, among the eight team franchises.
A shrunken pool will mean a smaller share for the teams, but Punjab Kings co-owner Ness Wadia was unfazed.
“It is important that we considered the safety of the players. That is the utmost important factor,” Wadia told www.cricbuzz.com.
“Personally, I have not thought about the financial losses. We will deal with that later. Right now we are focusing on ensuring safe return of the players.”
The move is seen as part of Ukraine's efforts to reinforce its army as soldiers struggle to hold positions against Russia
The Jamaican currently holds world records in the 100m, 200m and 4x100m with times of 9.58s, 19.19s and 36.84s respectively
Total property income posted year-on-year growth of 10% to $74m, highest value ever
All official donation channels however remain open through the outlets announced by government agencies
The Starlight Park is a four-building freehold community in Meydan
The 22-time major champion admits his farewell tour hasn't been as enjoyable as he would have hoped
Eating out, poor hand hygiene and erratic weather may be among causes, say medics
The goal-scoring striker is suffering from a muscle injury sustained during the Champions League quarter-final loss to Real Madrid